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（CIBH） in 1997； Cardiff has established an Accounting and Business History
Research Group （ABHRG） and the Copenhagen Business School’s Centre
for Business History； established in 1999； is undertaking a long…term study
into the nature and consequences of banking crises。 The past few years
should give them plenty of material to work on！
Business history as taught in business schools has no single unified body
of knowledge in the manner in which； say； accounting； marketing or organizational
behaviour has。 It would be impossible to study accounting without
covering the principles underpinning the key financial reports and how
to interpret financial information。 While there may well be some unique
content in specialized electives； say on Financial Analysis of Mergers；
Acquisitions and Other plex Corporate Restructurings taught at the
London Business School； or Dealing with Financial Crime on offer at Cass
Business School； the core accounting syllabus in all business schools is near
identical – though the way in which it is taught may not be。
History is taught in school and university in eras or themes： the Tudors；
the Renaissance； the European World； for example。 In one of the premier
UK university history departments nothing much is covered a。。er 1720；
while at Harvard Business School nothing much before 1820 is included
in the syllabus！ At Copenhagen MBA students may have a thorough grasp
of Norwegian； Swedish and Danish banking in the interwar years without
164 The Thirty…Day MBA
even a passing reference to the Industrial Revolution； mercantilism or the
development of the great family business dynasties。 It is just that the subject
is too vast to be covered in a meaningful way except by narrowing down
the range。 Business history is taught eclectically and MBAs swapping notes
on their experiences of Business History may find very li。。le in mon。
Here； a broad sweep of the subject is taken； providing snapshots of
important milestones on ma。。ers of enduring significance to business。 The
content is divided into three eras that are to some extent homogeneous；
though the time periods covered in each are very different。 The subject
starts from 4000 。。。。； though the purists would argue that organization and
innovation started at least 8；000 years earlier when some munities gave
up foraging for farming； adopting fundamentally new tools and techniques
for making a living。 Unfortunately； li。。le or nothing survives in documented
form to make it possible to study such ancient business history。 The eras
covered range from 3；000 years down to a mere half…century。 You are
probably aware of the claim that 90 per cent of all the scientists that ever
lived are alive today。 Well； much the same claim can be made for business
innovations。 While many important and essential developments occurred
many hundreds and even thousands of years ago； the most recent era is the
best documented and the most prolific。
The three periods covered are representative samples of some important
milestones in business history； selected here as they are the eras least
familiar to most students who have at least a passing appreciation of the
post Industrial Revolution business world。 Although for teaching purposes
neat dates are o。。en ascribed to such eras； in practice there is considerable
overlap。 The Fuggers and the Hanseatic League extended beyond what is
monly regarded as Mediaeval； while patents began their life in that
period but didn’t have a serious impact until much later。
BABYLON AND BEYOND （4000 BC–1000 AD）
Two enduring legacies from the ancient business world are the foundations
of mercial law and the first efforts at accounting。 Both these areas were
subject to bursts of rapid development as new ideas took hold。 For example；
the introduction of coined money in about 600 。。。。 by the Greeks allowed
bankers to keep account books； change and lend money； and even arrange
for cash transfers for citizens through affiliate banks in cities thousands
of miles away。 The Greeks were less interested in accounting as a way to
influence business decisions than as a mechanism for citizens to maintain
real authority and control over their government’s finances。 Members of
the Athens Popular Assembly were responsible for controlling receipt and
expenditure of public funds and 10 state accountants； chosen by lot； kept
them up to the mark。
Business History 165
Although it was not until 。。。。 1080 that the first law school was established；
in Bologna； Italy； and incidentally still in business today； contract law governing
transactions and protecting consumer rights had already been
around for nearly 4；000 years。
One early example of a family…run business is included here to show
that the phenomenon is not peculiar to the Middle Ages and beyond。
Accountancy： single…entry bookkeeping
Sometime before 3000 。。。。 the people of Uruk and other sister…cities of
Mesopotamia began to use pictographic tablets of clay to record economic
transactions。 The script for the tablets evolved from symbols and provides
evidence of an ancient financial system that was growing to acmodate
the needs of the Uruk economy。 The Mesopotamian equivalent of today’s
bookkeeper was the scribe。 His duties were similar； but even more extensive。
In addition to writing up the transactions； he ensured that the agreements
plied with the detailed code requirements for mercial transactions。
Temples； palaces and private firms employed hundreds of scribes and； much
as with the accounting profession today； it was considered a prestigious
profession。
In a typical transaction of the time； the parties might seek out the scribe
at the gates to the city。 They would describe their agreement to the scribe；
who would take from his supply a small quantity of specially prepared
clay on which to record the transaction。
Governmental bookkeeping in ancient Egypt developed in a fashion
similar to the Mesopotamian。 The use of papyrus rather than clay tablets
allowed more detailed records to be made more easily。 And extensive
records were kept； particularly for the network of royal storehouses within
which the ‘in kind’ tax payments such as sheep or ca。。le were kept； as coinage
had not yet been developed。
Egyptian bookkeepers associated with each storehouse kept meticulous
records； which were checked by an elaborate internal verification system。
These early accountants had good reason to be honest and accurate； because
irregularities disclosed by royal audits were punishable by fine； mutilation
or death。 Although such records were important； ancient Egyptian accounting
never progressed beyond simple list making in its thousands of years of
existence。 Almost one million accounting records in tablet form currently
survive in museum collections around the world
China； during the Chao Dynasty （1122–256 。。。。）； used bookkeeping chiefly
as a means of evaluating the efficiency of governmental programmes and
the civil servants who administered them。 A level of sophistication was
achieved which was not surpassed in China until a。。er the introduction of
the double…entry system a thousand years later。
166 The Thirty…Day MBA
Accounts in ancient Rome evolved from records traditionally kept by the
heads of families； where daily entry of household receipts and payments
were kept in an adversaria or daybook； and monthly postings were made to
a cashbook known as a codex accepti et expensi。
Up to mediaeval times； this single…entry system of bookkeeping； divided
into two general parts； Ine and Outgo； with a statement at the end
showing the balance due to the lord of the manner； prevailed in England； as
elsewhere。 Although these accounts were fairly basic； they were sufficient
to handle the needs of the very simple business structures that prevailed。
Businessmen operated for the most part on their own account； or in singleventure
partnerships that dissolved at the end of a relatively short period
of time。 This； incidentally； was still the essence of the structure of Lloyd’s
insurance market into the 21st century。 Judging from the uniformity of the
way the single…entry bookkeeping was practised； it seems fairly certain that
a model was worked out； wri。。en up； and widely adopted。
Law： Hammurabi’s Code： 1795–1750 BC
Business needs law to determine property rights； without which no meaningful
enterprise can take place； and to govern the behaviour and responsibilities
of buyers； sellers and others involved in any transaction。 The laws
that govern business behaviour have evolved over millions of years。 The
Hammurabi code of laws is the earliest…known example of an entire body
of laws； arranged in orderly groups； so that all might read and know what
was required of them。 The code was carved on a black stone monument； 8
feet high； and clearly intended to be in public view。 The stone was found
in the year 1901； not in Babylon； but in a city of the Persian mountains； to
which some later conqueror must have carried it in triumph。 The original
code now resides in the Louvre Museum in Paris； though much of it has