From Mellmott to Madoff: History in the (Re) Making

The monotonous reuse of regression studies with familiar market variables tacitly affirms that the market is equilibrating and therefore working well in providing a proper allocation of society's resources and functions best without regulatory interference. Confirmationism serves mainstream acc...

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Bibliographic Details
Published in:The Accounting historians journal 2011-06, Vol.38 (1), p.141-158
Main Authors: Sy, Aida, Tinker, Tony
Format: Article
Language:English
Subjects:
Accounting
Accounting firms
Bank capital
Bank loans
Banking crises
Banks
Business schools
Capitalism
Commodities
Curricula
Dialectic
Economics
Empiricism
Historians
History
History instruction
INTERFACES
Marxian economics
Philosophy
Positivism
Society
System theory
Tinkers
Universities and colleges
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Summary:The monotonous reuse of regression studies with familiar market variables tacitly affirms that the market is equilibrating and therefore working well in providing a proper allocation of society's resources and functions best without regulatory interference. Confirmationism serves mainstream accountants by protecting the reigning dogma (market studies). Dissident research is censored because it might supplant the mainstream sovereign thesis and provide the tools for unearthing "disturbing truths" that would trouble the status quo. The financial meltdown has sent the literary-minded scurrying back to the classics for insight and succor. At a time when hard-core free-marketeers like Richard Posner (2009) are questioning the efficacy of capitalism, the works of Karl Marx are being fished out of the dustbin of history. If scholars and regulators had read Anthony Trollope, Bernie Madoff might have been on their radar screens and many other con-artists who preceded him.
ISSN:0148-4184
2327-4468
DOI:10.2308/0148-4184.38.1.141