Reimagining Accounting for Inclusive Capitalism

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Guest Editors

Charl de Villiers, University of Auckland, New Zealand

Ruth Dimes, The Open University, UK

Anwar Halari, The Open University, UK

Matteo Molinari, University of Bergamo, Italy

Introduction

Capitalism remains the dominant framework for organising global economic life, yet its promises of prosperity and inclusion have increasingly come under scrutiny. Over the past few decades, the richest 1% have captured more than half of global wealth, while environmental degradation has accelerated at an alarming rate, threatening planetary boundaries. These outcomes have prompted growing calls for more inclusive and sustainable forms of capitalism (Piketty, 2014; Stiglitz, 2019), leading to the emergence of the concept of Inclusive Capitalism. Inclusive Capitalism seeks to reconcile profit-making with broader societal goals such as environmental stewardship, social justice and economic inclusion (Tweedie, 2024). However, its very emergence implies a failure of traditional neoliberal capitalism to deliver on its promises of inclusivity and prosperity. Indeed, many people regard the very concept of Inclusive Capitalism as an oxymoron. The push for Inclusive Capitalism thus reflects a growing recognition of capitalism’s contradictions and the need to rethink how value is defined, measured and distributed.

Accounting is central to this rethinking, as it plays a central role in shaping capitalist systems. Financial accounting information serves as the backbone of capital markets, providing standardised, timely data that investors and other stakeholders rely on to evaluate firm performance and risk, and ultimately to determine share prices (Nichols & Wahlen, 2023). Accounting defines what counts, what gets measured and what gets valued, and in doing so, it legitimises organisational behaviour (Hopwood, 1992; Hopwood, 2009; Miller & Power, 2013). However, far from being a neutral technical practice (Carnegie et al., 2021), accounting reflects and reproduces the logics of capitalism. It privileges financial capital while marginalising other forms of value such as social, human, intellectual and natural capitals (Halari et al., 2024). Accounting practices are deeply embedded in power structures, legitimising the interests of some while silencing the interests of others (Andrew & Baker, 2020; Cooper, 2015; Tinker, 1985).

Critical accounting scholarship has highlighted how accounting can both reproduce and challenge dominant logics (Deegan, 2002; Gray, 2002; O’Dwyer et al., 2005; Tinker, 1985) and has attempted to theorise how the deep-seated structures underpinning accounting practices work (Modell, 2020). Scholars and practitioners have sought to imagine how accounting might steer capitalism to more inclusive ends. Developments such as ESG investing, impact investing, stakeholder capitalism, B-Corps and Circular Economy models offer new spaces for reimagining the role of accounting and accountants (Halari and Baric, 2023). More radical approaches such as counter-accounting initiatives and dialogic approaches have promoted participatory and inclusive forms of accountability through challenging capitalism’s core logic (Brown, 2009; Dillard and Vinnari, 2019). These initiatives highlight both the potential and limitations of accounting in supporting alternative forms of capitalism in an increasingly uncertain and polarised world.

This Special Issue invites contributions that critically and constructively examine how accounting may contribute to reimagining capitalism for a more inclusive future. We welcome interdisciplinary perspectives from accounting, finance, economics, law, sociology, political theory, linguistics, history, media studies, and natural sciences. Submissions may adopt critical, interpretive, or mainstream approaches, and may be theoretical, empirical, conceptual, or methodological in nature.

Potential Research Avenues

We encourage submissions that explore, but are not limited to, the following themes:

1. Historical and Conceptual Foundations: How has capitalism been historically conceptualised and what role has accounting played in shaping the boundaries of inclusion and exclusion in capitalist systems?

2. Accounting and the Language of Inclusion: How is capitalism linguistically constructed in corporate reports, policy documents, and the media? Why and how has the term ‘capital’ become associated more with financial capital than other forms of capital (natural, social, human, intellectual) and what are the implications of this? How do metaphors (e.g., “capitalism with a conscience”) and anthropomorphic representations (e.g., “capitalism cares”) influence perceptions of accounting’s role?

3. Accounting and Technology: How are emerging technologies shaping accounting practices that either widen or narrow inclusion? How might they entrench exclusion, concentrate power, or reinforce surveillance logics within capitalist systems? How is capitalism represented and contested in digital platforms and social media? What role do accounting narratives play in shaping online debates around corporate responsibility, and more inclusive forms of capitalism?

4. Critical Perspectives: How do accounting practices reflect and reproduce capitalist logics? What are the tensions between accountability, transparency, and inclusion in capitalist enterprises? Can alternative frameworks (e.g., feminist, indigenous, or social accounting) challenge dominant paradigms?

5. Institutional and Policy Dimensions: How can governments, regulators, and standard-setters use accounting to promote more inclusive and responsible capitalism? What are the implications of developments such as integrated reporting, sustainability standards, and ESG metrics? How can accounting revalue resources, labour practices, or informal sectors? What role do impact investing, stakeholder capitalism, and B-Corps play in reimagining capitalism through accounting practices?

6. Religion, Culture and Norms: How do religious organisations, cultural traditions and societal norms shape accounting practices and in what way do these practices create pathways that can support financial and social inclusion, or, conversely, undermine such goals?

7. Management Accounting Practices: How can management accounting systems incorporate multi-capital perspectives? What role do incentive structures and performance measurement play? How do managers change the way they think and act to reflect more integrated and inclusive ways of thinking about value creation?

Submissions Information

Submissions are made using ScholarOne Manuscripts. Author guidelines must be strictly followed.

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Author Guidelines

Authors should select (from the drop-down menu) the special issue title at the appropriate step in the submission process, i.e. in response to “Please select the issue you are submitting to”. 

Submitted articles must not have been previously published, nor should they be under consideration for publication anywhere else, while under review for this journal.

Key Deadlines

Opening date for manuscripts submissions: 1st November 2026

Closing date for manuscripts submission: 31st January 2027