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Political Standards - Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy (Paperback)
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Political Standards - Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy (Paperback)
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Prudent, verifiable, and timely corporate accounting is a bedrock
of our modern capitalist system. In recent years, however, the
rules that govern corporate accounting have been subtly changed in
ways that compromise these core principles, to the detriment of the
economy at large. These changes have been driven by the private
agendas of certain corporate special interests, aided selectively
and sometimes unwittingly by arguments from business academia With
Political Standards, Karthik Ramanna develops the notion of "thin
political markets" to describe a key problem facing technical
rule-making in corporate accounting and beyond. When
standard-setting boards attempt to regulate the accounting
practices of corporations, they must draw on a small pool of
qualified experts but those experts almost always have strong
commercial interests in the outcome. Meanwhile, standard setting
rarely enjoys much attention from the general public. This absence
of accountability, Ramanna argues, allows corporate managers to
game the system. In the profit-maximization framework of modern
capitalism, the only practicable solution is to reframe managerial
norms when participating in thin political markets. Political
Standards will be an essential resource for understanding how the
rules of the game are set, whom they inevitably favor, and how the
process can be changed for a better capitalism.
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