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Calculating Profit: A Historical Perspective on the Development of Capitalism

Toms, S. (2008) Calculating Profit: A Historical Perspective on the Development of Capitalism. Working Paper. University of York, The York Management School (Unpublished)

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Abstract

The paper introduces the notion of different methods of calculating and analysing profitability as signatures of capitalism at different stages of development. Interactions between the development of the productive forces and the socialisation of capital ownership jointly impact on these signatures, such that profit calculations are historically contingent. These interactions take the identification of capitalism beyond simple associations with the presence or absence of double-entry bookkeeping (DEB), the capital account or return on capital calculations. Profit calculations are implicated in the process of transition from feudalism to capitalism by enabling the private enforcement of profit levels in excess of legally regulated interest rates or through fairly remunerated labour. The modern usage of ROCE is linked to the development of the productive forces and the socialisation of capital ownership.

Item Type: Monograph (Working Paper)
Academic Units: The University of York > The York Management School
Depositing User: Repository Officer
Date Deposited: 07 Aug 2008 15:25
Last Modified: 08 Feb 2013 16:56
Status: Unpublished
Publisher: University of York, The York Management School
Identification Number: The York Management School Working Paper Number 41
Related URLs:
URI: http://eprints.whiterose.ac.uk/id/eprint/4156

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