Corporations, Accounting, Securities Laws, and the Extinction of Capitalism PDF
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Corporations, Accounting, Securities Laws, and the Extinction of Capitalism Ever since Marx, the future of capitalism has been fiercely debated. Marx and his followers predicted capitalism will end by violent overthrow, while others prophesied its demise will be the result of collapsing under its own weight. Still others argue that capitalism will not only continue to exist but continue to expand globally. This book takes a distinctively different approach by presenting solid evidence that capitalism has already ended. The author argues that corporate statutory law, securities laws, and gen- erally accepted accounting principles have combined to cause the extinction of capitalists. Without capitalists as owners of capital, there can be no cap- italism. The book examines the factors that converged to contribute to and hasten the extinction of capitalists, and thus of capitalism as an economic system, in an ironic case of the law of unintended consequences. The very things that were intended to promote, protect, and sustain capitalism are the things that caused its death. It exposes the fallacy that capitalism as an economic system not only continues to exist but is expanding globally. Capitalism is extinct and the social system constructed on capitalism as an economic system cannot be sustained. This book will appeal to economists, accountants, historians, political scientists, lawyers and sociologists, as well as students of those disciplines. Wm. Dennis Huber received a DBA in international business, accounting, finance, and economics from the University of Sarasota, Florida; a JD, an MBA in accounting and finance, an MA in economics, an Ed.M. in educa- tional psychology, an MS in public policy, and a BA in sociology and psychol- ogy from the State University of New York at Buffalo. He also has an LL.M. in homeland and national security law from the Western Michigan University Thomas M. Cooley School of Law. He is a certified public accountant and admitted to the New York Bar. He has taught at universities in the U.S., Can- ada, Mexico, and the Middle East. Routledge Frontiers of Political Economy The Political Economy of Transnational Governance China and Southeast Asia in the 21st Century Hong Liu Economics, Science and Capitalism Richard Westra Production, Value and Income Distribution A Classical-Keynesian Approach Enrico Bellino The Failure of Markets Energy, Housing and Health Craig Allan Medlen Marx’s Capital, Capitalism and Limits to the State Theoretical Considerations Raju J Das Behavioral Political Economy and Democratic Theory Fortifying Democracy for the Digital Age Petr Špecián Economics, Social Science and Pluralism A Real-World Approach Victor A. Beker Corporations, Accounting, Securities Laws, and the Extinction of Capitalism Wm. Dennis Huber Moral Discourse in the History of Economic Thought Laurent Dobuzinskis For more information about this series, please visit: www.routledge.com/ Routledge-Frontiers-of-Political-Economy/book-series/SE0345 Corporations, Accounting, Securities Laws, and the Extinction of Capitalism Wm. Dennis Huber First published 2022 by Routledge 4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN and by Routledge 605 Third Avenue, New York, NY 10158 Routledge is an imprint of the Taylor & Francis Group, an informa business © 2022 Wm. Dennis Huber The right of Wm. Dennis Huber to be identified as author of this work has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data Names: Huber, Wm. Dennis (William Dennis), 1951- author. Title: Corporations, accounting, securities laws, and the extinction of capitalism / Wm. Dennis Huber. Description: Abingdon, Oxon ; New York, NY : Routledge, 2022. | Includes bibliographical references and index. Identifiers: LCCN 2021061305 (print) | LCCN 2021061306 (ebook) | ISBN 9781032147611 (hbk) | ISBN 9781032147628 (pbk) | ISBN 9781003240969 (ebk) Subjects: LCSH: Capitalism. | Securities. | Corporation law. Classification: LCC HB501 .H782 2022 (print) | LCC HB501 (ebook) | DDC 330.12/2--dc23/eng/20220209 LC record available at https://lccn.loc.gov/2021061305 LC ebook record available at https://lccn.loc.gov/2021061306 ISBN: 978-1-032-14761-1 (hbk) ISBN: 978-1-032-14762-8 (pbk) ISBN: 978-1-003-24096-9 (ebk) DOI: 10.4324/9781003240969 Typeset in Times by KnowledgeWorks Global Ltd. This book is dedicated to Vivian, Jennifer, and Justin. Contents Other Publications by This Author xii Acknowledgments xiv Prologue xv Part I Capital, Capitalists, and Capitalism 1 1 Capital 3 Introduction 3 Capital—Concepts 4 Types of Capital 7 Financial Capital 8 Productive/Industrial Capital: The Resource of Production 9 Other Types of Capital 10 Mercantile (Merchant) Capital 10 Commercial Capital 11 Fictitious Capital 12 The Money-Commodity/Financial Capital-Physical Capital Cycle 13 The Capitalist Entrepreneur Cycle 13 The Corporate Cycle 15 Capital, Accounting, and Profit 16 Capital and Labor 20 Chapter Summary 21 2 Capitalists 25 Introduction 25 Capitalists 26 Capitalists and Primitive Accumulation 27 viii Contents Capitalists and Capital Accumulation 28 Chapter Summary 29 3 Capitalism 31 Introduction 31 Capitalism—Definitions and Semantics 33 Capitalism as a Global System 36 The Origin and History of Capitalism 38 Karl Marx 42 Werner Sombart 44 Max Weber 45 Others 47 Emile Durkheim 47 Basil Yamey 48 Richard Tawney 48 Immanuel Wallerstein 50 Jonathan Levy 50 Karl Polanyi 51 One Other 51 Types, Forms, Varieties, and Models of Capitalism 52 Types of Capitalism 53 Financial Capitalism 55 Productive/Industrial Capitalism 56 Corporate Capitalism 56 Mercantile Capitalism 59 Forms, Varieties, and Models of Capitalism 60 The Industrial Revolution—The Fulcrum of the Transition to Capitalism 63 Capitalism and Accounting, Profit, Labor, the Capital Account, and the Spirit of Capitalism 64 Capitalism, Accounting, and Profit 64 Capitalism and Labor 70 Capitalism and the Capital Account 72 Capitalism and the Spirit of Capitalism 75 Chapter Summary 76 Part II Corporations and Corporate Law 85 4 Corporations 87 Introduction 87 Contents ix The Nature and Characteristics of the Corporate Firm 88 Corporations and Capital Resources of Production 91 Chapter Summary 93 5 Corporate Law 97 Introduction 97 Creation of a Corporation 98 Corporate Existence, Governance, and Operations 100 Corporate Existence 100 Corporate Governance 100 Corporate Operations 101 Corporate Ownership 104 Corporation Rights 104 Corporations and Corporate Property 105 Shareowners’ Rights 108 Chapter Summary 108 Part III Accounting and Securities Laws 113 6 Accounting and Generally Accepted Accounting Principles 115 Introduction 115 Capitalism, Accounting, Corporations, and Financial Reporting 116 Corporations and Financial Reporting 116 The Balance Sheet 116 The Income Statement 119 Statement of Cash Flows 120 Statement of Retained Earnings 120 Statement of Stockholders’ Equity 120 Generally Accepted Accounting Principles 121 Accounting Principles 122 Accounting Theory 124 The Financial Accounting Standards Board 125 History and Purpose 125 The Financial Accounting Standards Board Conceptual Framework 125 Chapter Summary 129 7 Securities Laws 132 Introduction 132
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