Balance Sheets, Culture and National Achievement in Europe 1560–1834

Ian Ball, Willem Buiter, John Crompton, Dag Detter and Jacob Soll

Chapter 18 in Public Net Worth, 2024, pp 273-296 from Springer

Abstract: Abstract The idea of creating a national comprehensive balance sheet might sound innovative, yet it has been at the centre of statecraft since the sixteenth century. In fact, with the rise of modern states in Europe, many political visionaries saw balance sheets and accrual accounting techniques as central for good government. From sixteenth-century Spain to seventeenth-century Holland and France to eighteenth-century Britain, successful leaders employed the tools provided by balance sheets to manage countries, but also state assets, debts and financial crises. These historical examples show that these old tools were powerful and effective, but also that to have a long-lasting impact they need to be embedded in the culture of government and politics. These are important lessons and need to be adopted again to address the challenges we now face.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-44343-5_18

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DOI: 10.1007/978-3-031-44343-5_18

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