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Political Standards: Corporate Interest,Ideology and Leadership in the Shaping of Accounting Rules for the Market Economy (Hardback)
  • Political Standards: Corporate Interest,Ideology and Leadership in the Shaping of Accounting Rules for the Market Economy (Hardback)
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Political Standards: Corporate Interest,Ideology and Leadership in the Shaping of Accounting Rules for the Market Economy (Hardback)

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£32.00
Hardback 298 Pages / Published: 20/11/2015
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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 rulemaking 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.

Publisher: The University of Chicago Press
ISBN: 9780226210742
Number of pages: 298
Weight: 1284 g
Dimensions: 296 x 128 x 23 mm


MEDIA REVIEWS
"Prodigiously researched. . . . Ramanna's provocative assertions issue a call for public discourse regarding financial leadership, that is to say, a discourse about promoting the clearest and simplest financial reporting possible. To be sure, there are many accounting leaders who do just that, but he asserts that their voices often get drowned out by bigger interests and powers. . . . Political Standards stands up for the millions of skilled accountants who facilitate the world's commerce, helping individuals and public and private institutions manage their money, and who follow the old ethic of impartial transparency. All will benefit from the ensuing vigorous public debate."
--Christian Sarkar "Accounting Review" (6/5/2017 12:00:00 AM)
"Ramanna examines the accounting standard-setting process, . . . argu[ing] that the process is flawed largely because it exists in what he describes as a "thin political market." In such an environment, the standards are created, of necessity, by the limited number of individuals possessing the requisite technical knowledge and skill to do so. Recommended."
--Anat R. Admati, Graduate School of Business, Stanford University, coauthor of The Bankers' New Clothes: What's Wrong with Banking and What to Do about It "Choice" (4/25/2016 12:00:00 AM)
"Political Standards is a timely and important addition to the literature on standard-setting and how a few self-interested specialists, with little opposition, are able to 'capture' the process and weaken the foundation of free-market capitalism. Ramanna's command of--and passion for--accounting standards brings this otherwise sterile topic to life through a series of teachable stories and concludes with a clarion call to the moral fiber of managers to act ethically and in the interest of competitive capital markets instead of lobbying to advance their--and their shareholders'--self-interest."--S. P. Kothari, MIT Sloan School of Management
"In Political Standards, Ramanna explores an extremely important matter for the efficient functioning of capital markets in a very methodical manner with penetrating analysis. I am sure this book will generate much needed discussion in public policy circles to address the issues raised. The subject matter covered is not only relevant to accounting standard setting but to all areas of public policy."--Prabhakar "PK" Kalavacherla, former board member at the International Accounting Standards Board (IASB)

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