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The Development of Commercial Infrastructure for World Shipping

In: The World’s Key Industry

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  • Gordon Boyce

Abstract

The chapter examines the development of elements that in combination provided vital commercial infrastructure for the global shipping industry. Specifically, it discusses the roles of key institutions, such as the Baltic Mercantile and Shipping Exchange, Lloyd’s Register of Shipping, the Lloyd’s of London insurance market and various commodity and financial markets, in facilitating exchanges needed to sustain oceanic transport. In addition to these institutions’ formal attributes, for example, their constitutions and rules, the discussion considers their informal characteristics, including the customs, routines and behavioural patterns observed by participants. Together, these formal and informal institutional arrangements have supported shipping by disseminating information, reducing uncertainty and mitigating transaction costs associated with this volatile industry.1 The chapter also pursues a secondary, somewhat abstract aim; it explores how markets operate and attempts to show how various mechanisms have generated efficiencies.

Suggested Citation

  • Gordon Boyce, 2012. "The Development of Commercial Infrastructure for World Shipping," Palgrave Macmillan Books, in: Gelina Harlaftis & Stig Tenold & Jesús M. Valdaliso (ed.), The World’s Key Industry, chapter 7, pages 106-123, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-00375-1_7
    DOI: 10.1057/9781137003751_7
    as

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