The Oxford Handbook of Business History

The objective of The Oxford Handbook of Business History is to liberate business history research by making it accessible to researchers of other disciplines. Geoffrey Jones and Jonathan Zeitlin have accordingly edited a reference work that will be valued in Business and Management Schools, history and social science departments as well as the large and expanding community of business historians. The book is clearly structured, well written and indexed in detail, and as such constitutes a valuable reference work. To summarise all 25 chapters would be an impossible task. In brief overview, the book is structured in four parts covering, approaches and debates, forms of business organisation, functions of enterprise, and enterprise and society. In addition there is an introductory chapter by the editors. Of the 25 chapters, the most obviously relevant to readers of Accounting, Business and Financial History are chapter 19 ‘Accounting, Information, and Communication Systems’ by Trevor Boyns and chapter 14 ‘Banking and Finance’ by Michel Lescure. Only Boyns makes a genuine engagement with the accounting and accounting history literatures. His chapter, which appears in the ‘Functions of Enterprise’ section of the book, along with Lescure’s chapter and contributions on technology and innovation (Margaret Graham), design and engineering (Wolfgang König), marketing and distribution (Robert Fitzgerald) labour and human resources (Howard Gospel), corporate governance (Gary Herrigel), has much ground to cover when one considers the wide scope of historical accounting research. Beginning with an acknowledgement of the importance of accounting history for business historians, Boyns provides an overview of the circumstances influencing the development of financial accounting theory and practice, its relationship with costing and the development of costing theory and practice. Concentrating on the latter, Boyns concludes that industry-specific characteristics are the major factors explaining enduring differences in the application of techniques in the face of a trend towards convergence reflecting organisational and technological pressures in increasingly globalised businesses. In contrast, Lescure offers more economic-orientated perspective, offering a brief review of debates arising from historical research as a response to questions raised by economists. These are first the extent to which economic growth and the accumulation of financial wealth are positively correlated (they are) and second the existence and persistence of different kinds of financial systems. Contrasting national systems within Europe shows important differences in bank organisation, for example, universal versus specialised, relationship and non-relationship, profit and not for profit. Divergence is the dominant trend since 1914 and is still continuing, reflecting a strong path-dependency in the development of financial institutions. Although it is useful to highlight the value of these chapters for the readers of Accounting, Business and Financial History, the remaining chapters provide contextual summaries and literature reviews that will be of use to accounting business and financial historians alike. A leading example is Herrigal’s chapter on corporate governance which revisits divergent national financial systems, this time contrasting the legal basis of ownership and providing an authoritative review of theoretical and historical explanations of the differences.