Accounting For Crises: A Marxist History Of American Accounting Theory, C.1929-2007
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A01=Rob Bryer
Accounting Principles Board
Accounting Theory
American Accounting History
American Accounting Profession
American Economic History
Author_Rob Bryer
British Accounting Principles
Category=JPFC
Category=KFC
Committee On Accounting Procedure
Conceptual Framework
Credit Crunch
Critical Accounting
Current Cost Accounting (CCA)
Earnings Management
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eq_business-finance-law
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eq_non-fiction
eq_society-politics
Financial Accounting Standards Board (FASB)
Global Financial Crisis
Great Crash
Great Depression
History of Capitalism
Irving Fisher
John B Canning
Lawless Decade
Marx's Theory of Crises
New Era
New-Era Theory of Investment
Profitability Crisis
Roaring Twenties
Securities Exchange Acts
SPE Accounting
Stock Market Crash 1929
William A Paton
Product details
- ISBN 9789811267062
- Publication Date: 24 Jul 2023
- Publisher: World Scientific Publishing Co Pte Ltd
- Publication City/Country: SG
- Product Form: Hardback
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Historians have not convincingly explained modern capitalism's two major economic crises, the Great Depression of the 1930s, and the Global Financial Crisis (GFC) of 2008-2009. Accounting for Crises offers a new explanation, why both began and were more severe in the USA ("America"), based on an accounting interpretation of Marx's theory of crises. It explains their origins in capitalists' control of accumulation, which reveals important overlooked roles for Irving Fisher's accounting theory. This theory, by allowing discretion in accounts, in the context of falling rates of profit, encouraged "swindling", overstating reported profits, and understating their risk, which facilitated and aggravated both crises. Framed by Fisher's theory, during the 1920s American accounting theorists justified discretion, which Creating the "Big Mess" (the companion volume) concluded it management used to conservatively smooth earnings. Accounting for Crises shows that Fisher's theory , also underlays the popular new theory of investment that justified valuing shares using reported earnings, which encouraged their manipulation and legitimized "speculation". This, it argues, underlays America's exceptional late-1920s stock market boom, the 1929 Great Crash, and the depth and length of its Great Depression. Prominently associated with the boom, Fisher became unpopular after the crash, his name disappearing from public debate. Nevertheless, the book concludes, his theory hindered economic recovery, weakened 1930s reforms, undermined accounting regulation from the late-1930s, and following his rehabilitation from the late-1950s, underlies the Financial Accounting Standards Board's conceptual framework, which by allowing off-balance-sheet accounting for securitization-SPEs, fostered the 2007 "credit crunch" that triggered the 2008-2009 Global Financial Crisis (GFC).
