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True and Fair: A History of Price Waterhouse. By Edgar Jones . London: Hamish Hamilton, 1995. v + 444 pp. Photos, figures, notes, bibliography, appendix, tables, index. $60.00. ISBN 0-24100172-2.
Reviewed by Kathleen McDermott
Jones's history of the early years of the U.K. firm of Price Waterhouse draws many parallels to larger developments in the business community and the young profession. He explains how legislation in the 1850s and 1860s gave the new firm (it had been founded in 1849) an early boost. These Acts created the joint stock company protected by limited liability and created the need by management for expert advice on the keeping of financial records. By the end of the 19th century, as accountants' work spread throughout the business community, accountancy became recognized as a modern profession.
In the late 1880s, investment opportunities in the U.S. led the U.K. firm of Price Waterhouse to establish an American outpost. This venture was so successful that by the 1930s, the U.S....