Economics, Accounting and the True Nature of Capitalism : Capitalism, Ecology and Democracy book cover
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Economics, Accounting and the True Nature of Capitalism
Capitalism, Ecology and Democracy



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ISBN 9781032046587
November 29, 2021 Forthcoming by Routledge
264 Pages 2 B/W Illustrations

 
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Book Description

Almost all economists, whether classical, neoclassical or Marxist, have failed in their analyses of capitalism to take into account the underpinning systems of accounting. This book draws attention to this lacuna, focusing specifically on the concept of capital: a major concept that dominates all teaching and practice in both economics and management.

It is argued that while for the practitioners of capitalism – in accounting and business – the capital in their accounts is a debt to be repaid (or a thing to be kept), for economists it has been considered a means (or even a resource or an asset) intended to be worn out. This category error has led to economists failing to comprehend the true nature of capitalism. On this basis, this book proposes a new definition of capitalism that brings about considerable changes in the attitude to be had towards this economic system, in particular the means to bring about its replacement.

This book will be of significant interest to readers to political economy, history of economic thought, critical accounting and heterodox economics.

Table of Contents

Preface: capital and social costs as outcomes of struggles with truth
Sebastian Berger

Introduction

Part I: THE BATTLE ABOUT THE CONCEPT OF CAPITAL

Chapter 1. How a capitalist accounting constitution dominates the world economy
Chapter 2. The difficulty of economists in understanding the concept of capital in accounting
Chapter 3. The truth about the concept of capital in accounting
Chapter 4. The victory of the capital-debt conception in accounting 
Chapter 5. The mystery of the misconception of business capital in economics
Chapter 6. Two false friends of the capital-debt conception: Pacioli and Fisher
Conclusion of the first part: two conflicting accounting models of capital

Part II: ECONOMISTS AND THEIR CONCEPTS OF CAPITAL

Chapter 7. The traditional classification of economists in materialists and fundists
Chapter 8. Proposal of a new classification of the conceptions of capital in economics
Chapter 9. The issue of human capital
Conclusion of the second part

Part III: TOWARD A NEW DEFINITION OF CAPITALISM

Chapter 10. Private property as an element (or not) of capitalism
Chapter 11. Market as an element (or not) of capitalism 
Chapter 12. The role of money and finance in capitalism
Chapter 13.  Is the separation of capitalist and household production a criterion for capitalism?
Chapter 14. Is the wage system an element of the definition of capitalism?
Chapter 15. The nature and reality of capitalist power: the issue of managerialism
Conclusion of the third part and first volume: a new definition of modern capitalism

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Author(s)

Biography

Jacques Richard is Emeritus Professor at the University of Paris Dauphine, France. He is also an ex chartered Accountant and Counsellor of Trade Unions, and ex Member of the Authority of Accounting Standards (Paris). In 2013 he received the ‘Best Manuscript Award’ from the Academy of Accounting Historians.

Alexandre Rambaud is Doctor of Mathematics and Management Sciences, and maître de conférences at AgroParisTech – CIRED. He is also Associate Researcher at the University of Paris Dauphine, France, and co-head of the Chaire Comptabilité Ecologique.