Capitalism and the return on capital employed. Some further evidence

Edwards, John Richard ORCID: https://orcid.org/0000-0002-1526-8523 2024. Capitalism and the return on capital employed. Some further evidence. British Accounting Review 56 (6) , 101320.

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Abstract

Return on capital employed is recognised both as a symbol of capitalism and as a calculation designed to help achieve the more effective deployment of available resources. Dating the emergence of this ‘accounting signature’ has been the subject of vigorous debate. Rob Bryer believes that calculation of the return on capital employed played a meaningful role in business life from the eighteenth century onwards whereas Steven Toms (2006, p. 206) finds scant evidence of the existence of this emblem of a capitalist mentality until ‘much later’. This paper seeks to contribute to this debate based on the contents of the Spencer Stanhope archive, Eighteenth Century Collections Online and UK Parliamentary Papers.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Schools > Business (Including Economics)
Publisher:	Elsevier Ltd
ISSN:	0890-8389
Date of First Compliant Deposit:	10 April 2025
Date of Acceptance:	5 January 2024
Last Modified:	19 Jun 2025 09:33
URI:	https://orca.cardiff.ac.uk/id/eprint/177565

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