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

Accounting systems are crucial in understanding capitalism, as they shape how practitioners view capital as a debt or a means to be worn out. This book proposes a new definition of capitalism that changes the attitude towards it and offers a way to replace it.

Format: Paperback / softback
Length: 194 pages
Publication date: 31 May 2023
Publisher: Taylor & Francis Ltd

Almost all economists, whether classical, neoclassical, or Marxist, have failed in their analyses of capitalism to consider 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 of political economy, history of economic thought, critical accounting, and heterodox economics.

Almost all economists, whether classical, neoclassical, or Marxist, have failed in their analyses of capitalism to consider 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 of political economy, history of economic thought, critical accounting, and heterodox economics.

Weight: 453g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032046600