Accounting for the financialized UK and US national business model |
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| Institution: | 1. Finance Accounting Research Unit, University Hertfordshire, Hatfield, Herts Al10 9AB, UK;2. Management School, Queen Mary University of London, Francis Bancroft Building, Mile End Road, London E1 4NS, UK;1. New Economic School, Nakhimovsky Pr., 47, office 1721(3), Moscow 117418, Russia;2. Barclays Capital, Four Winds Plaza, Bolshaya Gruzinskaya Street 71, Moscow 123056, Russia;3. University of Sydney Business School and CIREQ, Sydney NSW 2006, Australia;4. St.Petersburg State University, St.Petersburg 199034, Russia;1. Department of Business Administration, Athens University of Economics and Business, GR-14304 Athens, Greece;2. Department of Economics, University of Crete, GR-74100 Rethymno, Greece;1. Department of Economics, Paderborn University, Warburger Str. 100, 33098 Paderborn, Germany;2. Institute for Public Finance II, University of Freiburg; and Bielefeld Graduate School of Economics and Management, Bielefeld University, Germany |
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| Abstract: | In this paper we adopt a ‘business model’ conceptual framework grounded in accounting to describe the processes and mechanisms of national economic development and transformation. We locate national business models within a broad econo-sphere where they evolve and adapt to information arising out of stakeholder/institutional interactions. These interactions congeal into reported financial numbers that are presented as current income flows (income, expenditure), balance sheet accumulations and changes in net worth (assets and liabilities outstanding). We employ financial data from national accounts to specifically describe how the US and UK national business models have become financialized as ongoing capitalizations run ahead of earnings capacity. This process of interminable re-capitalization is conditioned by variable institutional and sub-institutional sector characteristics. However, in financialized national business models the system of accounting takes on added analytical significance because it ‘transmits rather than contains’ and ‘amplifies rather than dampens’ adverse financial disturbance as capitalizations are recalibrated up or down in secondary markets. |
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