6Accounting and Generally Accepted Accounting Principles
Introduction
Accounting is responsible in large part for the rise of bourgeois capitalists and capitalism while at the same time is responsible in an equally large part for their demise.
On the one hand, accounting—the double-entry bookkeeping part of accounting—had a major influence on the development of bourgeois capitalists and capitalism through the creation of the capital account and the separation of business assets from personal assets. Invented centuries prior to capitalism and bourgeois capitalists, double-entry bookkeeping was imported by bourgeois capitalists from mercantilists thus enabling the spirit of capitalism to prevail.
On the other hand, ...
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