Balancing the Books
Monday, April 28, 2014
Jacob Soll explains how the use and misuse of financial bookkeeping has determined the fate of entire societies. Good accounting has created social stability, good governance, and economic prosperity. But bad accounting practices can have disastrous results, ranging from financial losses and debt to complete economic collapse. In The Reckoning, Soll, a MacArthur "Genius" Grant recipient, explains the ways financial accounting is essential to building businesses, states, and even empires, and shows that neglected accounting has contributed to cycles of destruction, such as the 2008 financial crisis.