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Institution Building and Variation in the Formation of the Australian Wool Market

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  • David Merrett
  • Simon Ville

Abstract

The relocation of the wool market from London to the major Australian port cities from the late nineteenth century required the formation of an institution to govern the auction business, namely the wool brokers' association. Regional variations, among Sydney, Melbourne, and Brisbane, occurred in the structure and effectiveness of the institution despite each regional association having been formed around the same time, for the same purpose, and with an overlap of participating firms. We draw on institution theory to guide our account and find that the impact of legacy factors and differences in market conditions explain the regional variations.

Suggested Citation

  • David Merrett & Simon Ville, 2013. "Institution Building and Variation in the Formation of the Australian Wool Market," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 53(2), pages 146-166, July.
    • Handle: RePEc:bla:ozechr:v:53:y:2013:i:2:p:146-166
    DOI: 10.1111/aehr.12008
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    References listed on IDEAS

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    1. Francesca Carnevali, 2004. "‘Crooks, thieves, and receivers’: transaction costs in nineteenth‐century industrial Birmingham," Economic History Review, Economic History Society, vol. 57(3), pages 533-550, August.
    2. David Merrett & Stephen Morgan & Simon Ville, 2008. "Industry associations as facilitators of social capital: The establishment and early operations of the Melbourne Woolbrokers Association," Business History, Taylor & Francis Journals, vol. 50(6), pages 781-794.
    3. Ville, Simon, 2009. "“Making Connections”: Insights into Relationship Marketing from the Australasian Stock and Station Agent Industry," Enterprise & Society, Cambridge University Press, vol. 10(3), pages 423-448, September.
    4. Simon Ville, 2005. "The Relocation Of The International Market For Australian Wool," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 45(1), pages 73-95, March.
    5. David Merrett & Simon Ville, 2012. "Industry associations and non-competitive behaviour in Australian wool marketing: Evidence from the Melbourne Woolbrokers' Association, 1890--1939," Business History, Taylor & Francis Journals, vol. 54(4), pages 510-528, June.
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    Cited by:

    1. Abe De Jong, 2022. "Research in business history: From theorising to bizhismetrics," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 62(1), pages 66-79, March.

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