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Transactions, standardisation and competition: Establishing uniform sizes in the British wire industry c.1880
journal contribution
posted on 2023-06-07, 21:16 authored by Aashish VelkarWhen science could not provide a solution to transaction problems in the British wire industry c.1880, market groups had to negotiate a business solution. This involved converging towards a 'one-size-fits-all' standard: a process requiring compromises and cooperation between competitive firms, and solving coordination failure through state intervention. This paper demonstrates how different groups held different notions of 'ideal' standards depending on the incentives they faced. Reconciling these differences was an institutional, rather than a technological, process. The paper also analyses why, historically, dominant producers cooperated to set industry standards when faced with an imminent lock-in on 'wrong' standards imposed on the industry.
History
Publication status
- Published
Journal
Business HistoryISSN
17437938Publisher
Taylor and FrancisExternal DOI
Issue
2Volume
51Page range
222-247Pages
26.0Department affiliated with
- Business and Management Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-02-06Usage metrics
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