Considerations on the Impact of the Political Model on the Business and Financial Reporting Models

Author:Vasile IUGA

JEL:N 20, N 40

DOI:

Keywords:capitalism, culture, business models, economic crisis, regulatory systems, financial reporting

Abstract:
The essay presents the defining features of the capitalist system, the evolution of the Western political models during history and the way these have reflected in the business and financial reporting models. The author details the differences between the Anglo-Saxon business model and the continental model, presenting the advantages and disadvantages of both models. The article presents the realities that lead to the foundation of financial regulation institutions as well as the founding principles of international financial reporting, in close connection to the cycles of the world economy. The author states that the solution for overcoming the crisis is more capitalism, not less. \r\n\r\n

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