TRUTH AND THE EVOLUTION OF THE PROFESSIONS: A COMPARATIVE STUDY OF `TRUTH IN ADVERTISING' AND `TRUE AND FAIR' FINANCIAL STATEMENTS IN NORTH AMERICA DURING THE PROGRESSIVE ERA
             Both advertisers and auditors wrestled with the truth of their text during the Progressive Era (1880-1940). Although in North America, advertisers adopted "truth in advertising" as a theme, auditors rejected "true and fair" as a description of financial statements. Auditors instead adopted the weaker statement that financial statements were "consistent with accepted accounting principles." It is paradoxical that auditors compared with advertisers made the greatest progress toward professionalization during this era. This article documents debates about the concept of "truth" in each profession during the Progressive Era and examines the professional and legal consequences of each profession's engagement with truth.
             The Progressive Era, roughly the period from the depression of the late 1880s through to the late 1930s, represents a period of institutional, technical, and social innovation. During this period, most developed economies made the transition from rural to urban and from agrarian to manufacturing economies. It is a period when sectional interests, including many of the modern professions, developed. The Progressive Era is particularly marked by the conjunction of scientific knowledge and traditional values. It is a period when science and technology were thought capable of providing for the material wants of all and that the issue of social justice could be resolved through knowledge. This conjunction provides the setting in which "truth" is seen as an achievable state.
             The modern professions emerged from this milieu as occupations concerned with the moral and technical mysteries of life. The exemplars of the professional model were medicine, the law, and teaching. The successful professions lay claim to areas of expertise that were used to defin...