The dangerous dynamics of modern capitalism (from static to IFRS’ futuristic accounting)

Jacques Richard (1)

1 DRM - Dauphine Recherches en Management

In this article, we utilize accounting history to demonstrate that modern capitalist accounting has evolved similarly in four prominent countries (France, Germany, Great Britain and the United States) and that this evolution has been in a dangerous direction. Using the Classic Continental European Accounting Theory lens, we show that, since the industrial revolution, capitalist financial accounting and capital calculation have progressed through the same three main stages: static, dynamic and futuristic. We also maintain that this process has permitted an unbridled acceleration of profit recognition, which contributes significantly to financial crises manifestations.

Mots clés: Critique; Intérêt public; Crítica; Interés Público; Capitalism; Calculative rationality; History of capitalism; Global Financial Crisis; Capital calculation

Domaines: Gestion et management

Jacques Richard. The dangerous dynamics of modern capitalism (from static to IFRS’ futuristic accounting). Critical Perspectives on Accounting, 2015, 30, ⟨10.1016/j.cpa.2014.09.003⟩. ⟨hal-01267732⟩