Abstract
The paper introduces the notion of different methods of calculating and analysing profitability as signatures of capitalism at different stages of development. Its point of departure is Bryer's thesis of the capitalist mentality, which is subject to theoretical and empirical critique and developed in new directions. Interactions between the development of the productive forces and the socialisation of capital ownership jointly impact on these signatures, such that profit calculations are historically contingent. Aspects of feudalism, particularly restrictions on usury impacted upon accounting calculation, retarding their development. In the industrial revolution calculations reflected the scale and scope of specialised investment in plant, whilst the progressive socialisation of capital prompted a separate set of calculative practices. It was only in the 20th century, with the unification of large scale industry and finance capital that the modern notion of profitability as return on capital employed finally developed. (C) 2009 Elsevier Ltd. All rights reserved.
| Original language | English |
|---|---|
| Pages (from-to) | 205-221 |
| Number of pages | 16 |
| Journal | Accounting Organizations and Society |
| Volume | 35 |
| Issue number | 2 |
| DOIs | |
| Publication status | Published - Feb 2010 |
Bibliographical note
© 2010 PERGAMON-ELSEVIER SCIENCE LTD. This is an author produced version of a paper published in 'Accounting Organizations and Society'. Uploaded in accordance with the publisher's self archiving policy.Keywords
- BRITISH INDUSTRIAL-REVOLUTION
- ACCOUNTABILITY
- CONSTRUCTION
- TRANSITION
- COMPANY
- ENGLAND
- SYSTEMS
- IRON