History 1807 Lecture Notes - Lecture 11: Overnight Rate, Gambling, Double-Entry Bookkeeping System
31 Oct 2016
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Document Summary
Outside public can see what they are really up to, not thought of as swindlers anymore. Gives business person greater sense of what he owns, gives opportunity to plan for the future. Double entry bookkeeping provides a paper trail for everything you do as a businessperson. Provides businesses w/ opportunity to expand in a safe way. Business activity can be audited, gives rise to self-regulation. As much as idea of record keeping penetrated into business world, never really penetrated into state. State never took this step to plan for the future. Mass confusion w/in state capitals about what just happened. What we see in us and other places is adapting double entry bookkeeping to gdp. Start to quantify what country is producing and where country is faltering. Gov"t couldn"t step into economy w/o measures of gdp etc. Gov"t becomes an auditor/planner of society in 1930s, measures success of society by. Gov"ts step into fill the gap that the businesses left.
