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 trendy capitalism and its striking monetary luck for almost centuries be sure its value within the historical past of capitalism. even though a publicly owned, hugely complicated and different company, and generally 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 money owed 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, was once no longer designed as an reduction to rational funding decision-making by way of speaking the Company’s monetary functionality yet to be a way of marketing sound stewardship by way of senior administration.
This learn examines the contributions of accounting to the impressive good fortune 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 innovations, such a lot in particular double-entry bookkeeping, have been severe to the improvement of contemporary capitalism and the general public corporation, historians and accounting students have debated the level and value of those contributions. The Dutch East-India corporation was once a capitalistic company that had a public, everlasting capital and its valuable target was once to repeatedly raise revenue through reinvesting its returns within the enterprise. instead of the service provider and administration of the Dutch East-India corporation reflecting the perceived merits of a selected bookkeeping technique, the supremacy that it completed and maintained in a truly harmful enterprise at a time of ordinary clash among eu states was once a final result of the practicalities of 17th century enterprise and The Netherlands’ special, threatening usual surroundings which formed its social and political associations.
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Extra 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