Abstract
In this paper we examine similarities that medieval English finance bears to modern systems of national finance. First, the medieval system afforded economic incentives which invited potential abuse by self-interested parties; second, while proposed solutions to such abuses were both administrative and fiscal, the fiscal monitoring solutions were largely accounting in nature. We discuss several of the medieval abuses and their accounting-based solutions instituted from, roughly, A.D. 1200 to 1375. We conclude that many of the economic factors and competing relationships of constituent groups are remarkably similar in principle and application to today’s environment. By gaining a perspective on their historical bases, we can gain a richer understanding of current practices.
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Blankley, A., Forgione, D. Economic incentives and the demand for accounting information: Perspectives from medieval English finance. J Econ Finan 17, 1–9 (1993). https://doi.org/10.1007/BF02920633
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DOI: https://doi.org/10.1007/BF02920633