Corporations, Accounting, Securities Laws, and the Extinction of Capitalism

Ever since Marx, the future of capitalism has been fiercely debated. Marx and his followers predicted capitalism will end by violent overthrow, while others prophesied its demise will be the result of collapsing under its own weight. Still others argue that capitalism will not only continue to exist but continue to expand globally. This book takes a distinctively different approach by presenting solid evidence that capitalism has already ended. The author argues that corporate statutory law, securities laws, and generally accepted accounting principles have combined to cause the extinction of capitalists. Without capitalists as owners of capital, there can be no capitalism. The book examines the factors that converged to contribute to and hasten the extinction of capitalists, and thus of capitalism as an economic system, in an ironic case of the law of unintended consequences. The very things that were intended to promote, protect, and sustain capitalism are the things that caused its death. It exposes the fallacy that capitalism as an economic system not only continues to exist but is expanding globally. Capitalism is extinct and the social system constructed on capitalism as an economic system cannot be sustained. This book will appeal to economists, accountants, historians, political scientists, lawyers and sociologists, as well as students of those disciplines.

Part I. Capital, Capitalists, and Capitalism 1 Capital 2 Capitalists 3 Capitalism Part II. Corporations and Corporate Law 4 Corporations 5 Corporate Law Part III. Accounting and Securities Laws 6 Accounting and Generally Accepted Accounting Principles 7 Securities Laws Part IV. The Extinction of Capitalism 8 Capitalism and the Law of Unintended Consequences 9 Capitalists, Capitalism, Social Systems, Classes, and Power Epilogue

Wm. Dennis Huber received a DBA in international business, accounting, finance, and economics from the University of Sarasota, Florida; a JD, an MBA in accounting and finance, an MA in economics, an Ed.M. in educational psychology, an MS in public policy, and a BA in sociology and psychology from the State University of New York at Buffalo. He also has an LL.M. in homeland and national security law from the Western Michigan University Thomas M. Cooley School of Law. He is a certified public accountant and admitted to the New York Bar. He as taught at universities in the U.S., Canada, Mexico, and the Middle East.