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Rent Seeking Or Market Strengthening? Industry Associations In New Zealand Wool Broking, Simon Ville
Rent Seeking Or Market Strengthening? Industry Associations In New Zealand Wool Broking, Simon Ville
Simon Ville
This paper builds on recent conceptual work about associations that is drawn from the new institutional economics. It uses evidence from New Zealand wool broking to indicate the circumstances in which industry associations can operate effectively and in the broader public interest. Through their strong associative capacity and effective specialization of function, wool-broking industry associations developed flexible routines for managing wool auctions, mediated disputes, mitigated opportunism, addressed major market disruptions, and served as a communication channel with government. External pressures and monitoring from other business interests, governments, and a competitive wool market constrained rent-seeking behavior, preventing members from benefiting at …
The Relocation Of The International Market For Australian Wool, Simon Ville
The Relocation Of The International Market For Australian Wool, Simon Ville
Simon Ville
The marketplace for Australian wool relocated from London to the Australian capital cities in the half century after 1880. This represented a major institutional shift that underpinned the development of the Australian economy and made Australia the centre of the international wool market. We analyse the principal demand and supply changes underlying this market shift. Consolidation of worsted manufacturing, demand diversification, improved transport and communications, Australian dominance of international wool production, and the growth of the small grazier shifted the relative market efficiency in favour of Australian auctions.