We acknowledge the helpful comments on institutional theory by Paul Tracey who is, of course, absolved of any responsibility for the views presented here. The authors also thank staff at the University of Melbourne Archives, the Noel Butlin Archives Centre at the Australian National University, and the John Oxley Library at the Queensland State Library for their assistance. We are grateful for funding from the Australian Research Council under project DP 1095758.
Institution Building and Variation in the Formation of the Australian Wool Market
Article first published online: 8 JUL 2013
© 2013 The Authors. Australian Economic History Review © 2013 Wiley Publishing Asia Pty Ltd and the Economic History Society of Australia and New Zealand
Australian Economic History Review
Volume 53, Issue 2, pages 146–166, July 2013
How to Cite
Merrett, D. and Ville, S. (2013), Institution Building and Variation in the Formation of the Australian Wool Market. Australian Economic History Review, 53: 146–166. doi: 10.1111/aehr.12008
- Issue published online: 8 JUL 2013
- Article first published online: 8 JUL 2013
- Australian Research Council
- industry association;
- wool market
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.