Loading ...PREFACE
Teachers of economics and corporation finance have expressed a wish to have a book covering the leading features of corporation finance available for classroom instruction — a book that can be read easily by students during a single semester.
A clear purpose and method must be in mind in the preparation and use of a textbook in one of the social sciences. Sound pedagogy requires that tendencies and expedients be reduced to the form of definite generalizations devoid of limitations and exceptions. In actual practice the limitations and exceptions are glaringly evident; but to notice them, even in passing, would confuse the pupil and create in his mind the impression that the whole subject is a mass of unrelated and unorganized cases. The present work, accordingly, is to be regarded as a summary of the commonly accepted working principles of corporation finance, without the inclusion of either much concrete illustration on the one hand or exceptions on the other. It is suggested that teachers, by lectures or supplementary reading, and by specific problems supply the necessary illustrations. These should be chosen from cases familiar to the student so that the whole subject may be given a reality and a vitality that cannot be obtained from the printed page alone. Teachers will find it profitable to make liberal use of the problems to be found at the end of the book. The case method of teaching the social sciences has passed beyond the experimental stage.
Perhaps this study may be of service also to the general reader. We are living in the day and generation of the corporation. The ease of communication has revolutionized the methods of the conduct of business — and interwoven in these changes is the corporation both as cause and effect.
It has a basis in our general theory of economics and in practical business. But these are not divorced and separate. In the preface to the author’s larger work, “The Financial Policy of Corporations,” on which this book is based, it has been pointed out that there is no opposition between the theory and the practice of sound finance. As in all other phases of social activity good practice is based on sound theory and sound theory has its constant pragmatic justification in successful practice.
Arthur S. Dewing
Cambridge, Massachusetts,
June 12, 1922.
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