The Development of Commercial Infrastructure for World Shipping

Gordon Boyce

Chapter 7 in The World’s Key Industry, 2012, pp 106-123 from Palgrave Macmillan

Abstract: 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.

Keywords: London Stock Exchange; Marine Insurance; London Metal Exchange; Shipping Exchange; Coffee House (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-00375-1_7

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DOI: 10.1057/9781137003751_7

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