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Business and Politics

Editor-in-Chief: Aggarwal, Vinod K.

SCImago Journal Rank (SJR) 2015: 0.384
Source Normalized Impact per Paper (SNIP) 2015: 0.352
Impact per Publication (IPP) 2015: 0.459

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Volume 9, Issue 3 (Jan 2008)


The Power of Transnational Private Governance: Financialization and the IASB

Andreas Nölke / James Perry
Published Online: 2008-01-11 | DOI: https://doi.org/10.2202/1469-3569.1185

This investigation of accounting standard setting as a case of business power in global governance links together three facets of power. First we examine the discursive power of international accounting standards in the ongoing process of financialization, which we break into two dynamics centered on profit and control. We argue that the selection of accounting paradigms does not concern measurement accuracy but is rather a choice of perspectives between finance and production when presenting economic reality as numbers. Drawing on evidence from the contestation between Rhenish capitalism and the financial perspective, we then explain why, despite the overwhelming structural power of finance, instrumental power exercised in political lobbying over accounting standards can still have considerable success.

Keywords: IASB; financialization; varieties of capitalism

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Published Online: 2008-01-11

Citation Information: Business and Politics, ISSN (Online) 1469-3569, DOI: https://doi.org/10.2202/1469-3569.1185.

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©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston. Copyright Clearance Center

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