Global Economic Institutions (Routledge Studies in the Modern World Economy)

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International policy externalities Structural interdependence can give rise to international policy externalities, or benefits—which occur in the form of locomotive effects—or costs—which take place in the form of beggar-thy-neighbor effects—of policy effects that spill over onto other nations.

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International policy cooperation On way of working together is to engage in international policy cooperation, which involves developing mechanisms through which central banks and other policymakers share data and inform one another about their objectives and strategies. International policy coordination When central banks and other policymakers jointly determine their actions for the intended combined benefit of the nations they represent, they engage in international policy coordination.

Potential benefits of international policy coordination Possible benefits from coordinating policies include the internalization of international policy externalities via the joint pursuit of common goals, the potential to gain the best possible outcomes from application of a limited set of policy instruments, and the possibility of gaining support from abroad to counter insularity at home.

Potential drawbacks of international policy coordination Drawbacks of policy coordination include loss of national sovereignty over policymaking, lack of trust in other policymakers facing incentives to cheat on agreements, the potential for other policymakers to be incompetent, and the possibility that coordinated policymaking could worsen other problems such as inflation. Optimal currency areas and monetary unions An optimal currency area is a region within which labor is sufficiently mobile to permit rapid adjustments to geographic payment and unemployment imbalances to allow exchange rates to be fixed and a common currency to be adopted.

When a group of nations adopts a common currency, it becomes a monetary union. Announcement effect: A change in private market interest rates or exchange rates that results from an anticipation of near-term changes in market conditions signaled by a central bank policy action. Discount rate: The interest rate that the Federal Reserve charges on discount window loans that it extends to depository institutions.


Domestic credit: Total domestic securities and loans held as assets by a central bank. International policy cooperation: The development of institutions and procedures through which central banks share data and inform one another about their policy objectives and strategies. International policy coordination: The joint determination of monetary policies by a group of central banks for the intended combined benefit of the nations they represent.

International policy externalities: Spillover benefits or costs that policy actions within one nation have for the economies of other nations. Lender of last resort: A central banking function in which the central bank stands willing to lend to any temporarily illiquid but otherwise solvent banking institution to prevent its illiquid position from leading to a general loss of confidence in that institution. Locomotive effect: A stimulus to economic activity in one nation generated by an increase in economic activity in another country.

Lombard rate: The specific name given to the interest rate on central bank advances that some central banks, such as the European Central Bank, set above current market interest rates. M2: M1 plus savings and small time deposits, overnight Eurocurrencies and repurchase agreements, and balances of individual and broker—dealer money market mutual funds.

Monetary aggregate: A grouping of assets sufficiently liquid to be defined as a measure of money. Monetary base: Central bank holdings of domestic securities and loans plus foreign exchange reserves, or the sum of currency and bank reserves. Open-market operations: Central bank purchases or sales of government or private securities.

Optimal currency area: A geographic area within which labor is sufficiently mobile to permit speedy adjustments to payment imbalances and regional unemployment to permit exchange rates to be fixed and a common currency to be adopted. Portfolio balance effect: An exchange-rate adjustment resulting from changes in government or central bank holdings of foreign-currency-denominated financial instruments that influence the equilibrium prices of the instruments. Rayon was not only cheap, but it could also be efficiently woven. For example, it took only two days to weave a rayon habutae, whereas it took a week for a silk habutae.

The quality and variety of rayon products was improved year by year, and cheap but beautiful rayon products came to be popular in the market. The introduction of power looms was crucial for producers because people preferred cheap rayon products to expensive silk products. In the previous studies, it has often been argued that obi was not easily produced by power looms. However, the factory owners eagerly introduced power looms for weaving obi in Kiryu. Improvements in the power loom technology seemed to enable them to weave obi. According to the survey by the Kiryu Branch of the Experiment Station of Gunma Prefecture at the end of , out of power looms in the Kiryu district were multiple shuttle power looms Kakiage Times, May In this period, the power looms which could produce figured weavings as well as plain ones were in use in Kiryu.

Out of a total of looms, were dobby machines The introduction of power looms at Goto Factory can be explained by the tightness of the labour market, as discussed in the previous section, and the demand shift in the product market. In short, the aim of Goto in establishing a factory equipped with power looms was to mass produce lowpriced rayon obi given the decline of the demand for high quality products and the rise in wages. We can derive some implications for the research on production organizations from the case of Kiryu.

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The putting-out system has been considered to be a less efficient production organization than the factory system. However, in Kiryu, the putting-out system prevailed until the end of the s. One of the major sources of the inefficiency of the putting-out system is supposed to be the embezzlement of raw materials, but embezzlement was not profitable for outweavers because in small districts it was important to keep long-term transactions with a clothier.

In the Kiryu district, famous for figured fabrics, clothiers could not employ distant out-weavers because it was difficult to carry jacquard machines, in contrast to the Ashikaga district Kawasaki A preceding study argues that the Kiryu district could be divided into two areas: the western and northern areas where kiginu narrow plain raw silk fabric was produced with simple technology, and Kiryu City and its surroundings where producers wove yarn-dyed fabric with sophisticated technology Saito 6.

Besides, in the case of weaving dyed figured-yarn fabrics, it seemed that the outweavers could hardly pilfer weft because the design or pattern of the fabric was distorted if they did.


To carry already warped yarn to out-weavers seemed to The rise of the power-loom factory 33 have the same effect as when the production process in the Danish putting-out system was standardized to prevent the out-weaver from cheating RaaschouNielsen 9. The clothiers in Kiryu City preferred long-term relationships with close out-weavers because they wanted to keep the quality of fabrics and prevent embezzlement. That is why they did not employ distant out-weavers Ueno Thus, leading clothiers maintained the quality of the products using outweavers who had long-term relationships and lived close to them before the First World War.

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On the other hand, during the First World War, Goto Factory increased production, increasing out-weavers. Back in Figure 2. Concentration of production in a small number of simple products made this strategy feasible, but production came to be constrained by the availability of part-time out-weavers.

It might be a serious problem for clothiers to miss business opportunities because seasonal fluctuation of output depended on out-weavers. As the demand for silk fabric became popular and the fashion market was developed, they had to respond to the market immediately.

Under these new conditions, the existing production organization became inefficient, since it could increase production only through geographical expansion of out-weavers, which caused higher transaction cost without productivity improvement. Hence, the clothiers chose mechanized production, which enabled them to increase production independently of seasonal fluctuations of agricultural labour demand.

In the Kiryu district of the s, the factory equipped with power looms, mass-producing low-price goods, became more profitable. As a result, production was not constrained by the availability of out-weavers any more. That was a part of the strategy of mass producing low-price goods using rayon as raw material. The piece-rate workers and the male workers who emerged at Goto Factory in the s were needed to cope with the change in the production organization at Goto Factory in the s.

It is they who drove and maintained the power looms in the factory.

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  4. Although the records are not available, it is possible that piece-rate workers at Goto Factory were ex-out-weavers. In general, maintenance of power looms was done by male workers.

    Ex-piece-rate workers being skilled must have been more valuable than apprentice workers, unskilled in the face of the introduction of new technology. Besides, the roles of the male worker, which had been increased in the s, came to include those of mechanic as well as supervisor. Kosho described the emergence of employed workers in Ashikaga district.

    According to him, organizing manufacturing was very difficult there because the workers went back to their farm homes to be part-time out-weavers after the acquisition of skills when the term of service expired Kosho Therefore, the establishment of the power-loom factory broke the putting-out relationship, which made it easier to hire skilled workers inside the factory.

    In the case of Goto Factory, the situation was common. After the introduction of the power loom, the period of apprenticeship was shortened, the 34 T.

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    Hashino starting age of an apprentice was lowered and apprentice workers were recruited near Goto Factory. In the short term, they were expected to become skilled workers in the factory. That was the rational strategy for Goto Factory in the s. From the point of change in the labour market and marketing strategy as mentioned above, the combination of technology and production organization which was desirable for factory managers changed in the s, s and s.

    Concluding remarks In this chapter, we investigated the relationship between the introduction of power looms and the centralization of the production organization, focusing on the dynamic changes in the product market and the labour market. After , as a result of the new strategy of mass-producing lower-price goods, Goto Factory chose a new combination of production organization and technology, namely the factory system with power looms. There are two issues to be explored in future research. The first one is to investigate the structure of the industrial cluster in Kiryu.

    Goto Factory conducted the weaving process inside the factory, and put out the other processes including dyeing and finishing.

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    The total structure of division of works and its governance mechanism should be explored. The second issue is the division of labour inside the power-loom factory. The wage data at the Goto Factory would be useful material for studying this. As Suzuki argued, organization in the early twentieth century must have been more fragile than we imagine in the twenty-first century.

    How did the traditions and rules of the local society affect factory production? How were they interdependent of each other? These are the questions to be addressed.