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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.
Bill Gates's Five Books for Summer Reading 2019 From world-renowned economist Paul Collier, a candid diagnosis of the failures of capitalism and a pragmatic and realistic vision for how we can repair it. Deep new rifts are tearing apart the fabric of the United States and other Western societies: thriving cities versus rural counties, the highly skilled elite versus the less educated, wealthy versus developing countries. As these divides deepen, we have lost the sense of ethical obligation to others that was crucial to the rise of post-war social democracy. So far these rifts have been answered only by the revivalist ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit, and the return of the far-right in Germany. We have heard many critiques of capitalism but no one has laid out a realistic way to fix it, until now. In a passionate and polemical book, celebrated economist Paul Collier outlines brilliantly original and ethical ways of healing these rifts—economic, social and cultural—with the cool head of pragmatism, rather than the fervor of ideological revivalism. He reveals how he has personally lived across these three divides, moving from working-class Sheffield to hyper-competitive Oxford, and working between Britain and Africa, and acknowledges some of the failings of his profession. Drawing on his own solutions as well as ideas from some of the world’s most distinguished social scientists, he shows us how to save capitalism from itself—and free ourselves from the intellectual baggage of the twentieth century.
Early in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success. But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the larger economic changes of the past decade, including the growth in economic inequality and the stagnation of productivity. Jonathan Haskel and Stian Westlake explore the unusual economic characteristics of intangible investment and discuss how an economy rich in intangibles is fundamentally different from one based on tangibles. Capitalism without Capital concludes by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.
Philosophy of Economics: A Heterodox Introduction provides an introduction to the philosophy of economics through the prism of heterodoxy. Heterodox economics covers a range of approaches and schools of thought but what they have as a common denominator is the conviction that economic phenomena cannot be understood, and thus must not be studied, in isolation from their relevant context. Conversely, the current form of neoclassical economics emerged from the conviction that there is something like economic rationality sui generis which can be treated independently from all other aspects of our world, social or natural. Heterodox approaches challenge this conviction, from a variety of angles: the economic actor is not isolated, but lives in society which shapes him; market goods are only one kind of goods among others, constituting a larger set with ambiguous and shifting inner frontiers; production of goods takes place within nature, is subjected to physical laws and induces in most cases ecologically problematic fluxes of matter (e.g. waste); finally, the whole economic process in general is not in equilibrium, but shows secular trends through which it is connected to the historical world. This book demonstrates the vitality of these heterodox challenges from a philosophical point of view because not only do they formulate new hypotheses within economics, but they challenge economic theory on a much more fundamental level: how is the economy situated in the world, and which are the right methods for its investigation? This book is an ideal introduction for anyone seeking alternative or critical perspectives on the philosophy of economics and economic theory.
In contemporary global capitalism, the most powerful corporations are innovation or intellectual monopolies. The book’s unique perspective focuses on how private ownership and control of knowledge and data have become a major source of rent and power. The author explains how at the one pole, these corporations concentrate income, property and power in the United States, China, and in a handful of intellectual monopolies, particularly from digital and pharmaceutical industries, while at the other pole developing countries are left further behind. The book includes detailed empirical mappings of how intellectual monopolies develop and transform knowledge from universities and open-source collaborations into intangible assets. The result is a strategy that combines undermining the commons through privatization with harvesting from the same commons. The book ends with provoking reflections to tilt the scale against intellectual monopoly capitalism and arguing that desired changes require democratic mobilization of workers and citizens at large. This book represents one of the first attempts to capture the contours of an emerging new era where old perspectives lead us astray, and the old policy toolbox is hopelessly inadequate. This is true for the idea that the best, or only, way to promote innovation is to transform knowledge into private property. It is also true for anti-trust policies focusing exclusively on consumer prices. The formation of global infrastructures that lead to natural monopolies calls for public rather than private ownership. Scholars and professionals from the social sciences and humanities (in particular economics, sociology, political science, geography, educational science and science and technology studies) will enjoy a clear and all-embracing depiction of innovation dynamics in contemporary capitalism, with a particular focus on asymmetries between actors, regions and topics. In fact, its topical issue broadens the book’s scope to those curious about how innovation networks shape our world.
The modern global economy and discipline of economics place mathematical calculation above human concern. However, a re-reading of Boethius’ The Consolation of Philosophy can positively highlight the contrast in values and spirit of the early medieval European world with our own scientific age. This book discusses the historical and cultural contexts that influenced Boethius’ writing and explores how Consolation offers a radically different understanding of economic concepts: wealth from inner happiness and virtues, poverty from hoarding outer possessions, self-sufficiency in the greater whole, enlightenment through misfortune, and development as fruition from the Good. These economic considerations resonate with a range of heterodox economic perspectives, such as Ecological and Buddhist Economics. The fundamental revaluations gained through Boethius pose a critique of mainstream neoclassical and neoliberal economics: to consumerism, avarice, growth and technology fetishism, and market rationality. These economic foundations resonate into a time when global crises raise the question of fundamental human priorities, offering alternatives to an ever-expanding industrial market economy designed for profit, and helping to avoid irrevocable socio-ecological disasters. The issues raised and questioned in this book will be of significant interest to readers with concern for pluralist approaches to economics, philosophy, classics, ancient history and theology.
Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License.
The solutions and tools generally offered to policymakers on environmental issues – such as carbon pricing and environmental taxation – most often emanate from neoclassical economists. This book shows that the tools of these economists are ineffective for the job and must be replaced by methods from the sphere of ecological accounting. The work has four main themes: First, the book provides a presentation and criticism of the tools traditionally proposed by neoclassical economists. Adopting a historical perspective, this section shows how these tools have evolved over time and explores some of the theoretical criticisms which have been leveled at them. Second, the book shows how mainstream economists have moved away from more pragmatic and efficient solutions because of their ignorance of the realities of management, in particular, corporate accounting, and their ideologically driven desire to avoid attacking the capitalist model. Third, a toolkit of anti-capitalist ecological accounting is outlined, showcasing the distinct advantages of this approach for the environmental crises. And finally the book considers the concrete possibilities of a rapid application of these new tools to combat the immediate threats we are facing. The book will interest all readers who want to understand how anti-capitalist ecological accounting can contribute to cooling and saving the planet, in particular readers in ecological economics and accounting.
There are many currents in philosophical writings, that deal with today's serious ecological problems and the catastrophes they engender. The aim of this book is to show the diversity of these currents and to judge them on the basis of their ability to provide us with concrete tools for getting out of the ecological impasse in which we find ourselves today, notably the urgency to find new types of ecological and human management. Some of these currents are hopeless: they only offer the prospect of a mental adaptation to these catastrophes, or invite us to leave planet earth and take refuge on other planets. Others, of a cynical bent, openly support the forces that have led to the current situation of 'ecological bankruptcy', arguing that the same economic system that has led us to the current ecological impasse will be able to provide us with miraculous technical solutions for our salvation. Still others, the vast majority, are so cut off from the realities of today's economic world, and in particular from the problems of practical business management, that their very general views offer very few operational solutions for changing the situation. And yet there are some philosophies, admittedly very few in number, that seem appropriate to the radical transformation that is needed of the management of capitalist firms: the philosophy of catastrophes is not necessarily synonymous with a catastrophe of philosophies. The author draws on philosophy , economics, accounting, and history to address what many consider humanity’s most serious challenge.