By Warwick Funnell,Jeffrey Robertson
The United Dutch East India corporation was once the 1st public corporation, previous the formation of the English East-India corporation via over forty years. Its repute because the first public corporation which heralded the transition from feudalism to fashionable capitalism and its awesome monetary luck for almost centuries be certain its value within the heritage of capitalism. even if a publicly owned, hugely advanced and different company, and quite often agreed to be the biggest and such a lot ecocnomic enterprise within the 17th century, all through its lifestyles the Dutch East-India corporation by no means produced public bills of its monetary affairs which might have allowed traders to pass judgement on the functionality of the corporate. Its monetary accounting, which replaced little in the course of its lifetime, used to be no longer designed as an relief to rational funding decision-making by means of speaking the Company’s monetary functionality yet to be a way of marketing sound stewardship by means of senior administration.
This learn examines the contributions of accounting to the extraordinary luck of the Dutch East-India corporation and the impacts on those accounting practices. From the time that the German financial historian Werner Sombart proposed that accounting strategies, such a lot particularly double-entry bookkeeping, have been serious to the advance of contemporary capitalism and the general public corporation, historians and accounting students have debated the level and significance of those contributions. The Dutch East-India corporation used to be a capitalistic firm that had a public, everlasting capital and its vital target was once to continually elevate revenue via reinvesting its returns within the enterprise. instead of the agency and administration of the Dutch East-India corporation reflecting the perceived merits of a selected bookkeeping approach, the supremacy that it completed and maintained in a really harmful enterprise at a time of ordinary clash among ecu states was once a outcome of the practicalities of 17th century company and The Netherlands’ exact, threatening usual setting which formed its social and political associations.
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Additional resources for Accounting by the First Public Company: The Pursuit of Supremacy (Routledge New Works in Accounting History)
Accounting by the First Public Company: The Pursuit of Supremacy (Routledge New Works in Accounting History) by Warwick Funnell,Jeffrey Robertson