Price, Quality, and Organization: Branding in the Japanese silk-reeling industry
Transaction costs depend on the degree of informational asymmetry in trading goods. This environment provides commitment to certain quality with an opportunity to earn quality premium given the degree of asymmetry. A device of commitment to quality could be inspection and branding either by a trader or manufacturer. In the market of raw silk, the largest export of Japan from the late nineteenth century, informational asymmetry between Japan and the Western destinations was serious and Western trading companies dominated quality control by the mid-1880s. Then, Japanese manufacturers internalized inspection and branding processes, earned quality premium, and began rapid growth.
|Date of creation:||Apr 2012|
|Date of revision:||07 Jan 2013|
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