United States Trade in Consumer Products

The United States has experienced a large trade deficit in consumer products. This paper argues that the deficit is due in part to the institutional and behavioral frameworks in which consumer products are marketed. The existence of an effective mass distribution system, a large market relative to promotion expenditures and the change-orientation of the consumer can influence greatly the ability of nations to expand markets and stimulate sales of consumer products. These factors prevalent in the American economy have attracted imports. In contrast, their absence in the economies of our trading partners has limited our access to foreign markets. Policy implications of this situation and areas for further research are identified and discussed.     

The difference in microwave oven ownership and use in London,U.K. and Atlanta,Georgia

In the present study of microwave oven ownership and use, three hypotheses were tested with data from 100 households in London, U.K. and 100 households in Atlanta, Georgia. The data were collected with a survey instrument administered by door-to-door interviews. The results of the study show that microwave owners are younger, have higher incomes, Larger families, and are more innovative than non-owners. The study also revealed that country of residence made a great difference in level of use. Households from Atlanta, Georgia, are younger, have larger families, have microwaves with many more features, and have owned a microwave longer than low level microwave users. The research reinforces the need for cross-cultural studies of this type.     

贷款难求

尽管经济学家和政治家们反复告诉我们,中小企业在经济发展中发挥着十分重要的作用,然而,在最近20年里,相当多的中小企业却—直面临着管理现金流和满足最苛刻贷款条件的严峻挑战。     

Demanding ‘credible commitment’: public reactions to the failures of the early financial revolution1

North and Weingast's notion of ‘credible commitment’ arguably offers a reasonable understanding of the factors that allowed the development of a trusting relationship between the state and its potential creditors over the long term. Yet, they failed to recognize the difficulties that were encountered along the way. This article highlights some of those difficulties and shows that at times when credible commitment was in doubt, supporters of the financial revolution held the government to account through the published media and by direct action. This is important for two reasons. First, the contemporary debate regarding the financial revolution, as it is presented by some historians, may lead us to presume that there would have been little public outcry had the government reneged on its debt. Indeed, we might argue that hostility towards financiers had always made default popular with many segments of the population. Yet, clearly opinion was not quite so one‐sided and the reaction against potential default was considerable. Second, the fact that the public creditors were willing to act to protect themselves shows that credible commitment was not just created from above by the Glorious Revolution and the subsequent development of the institutions of government; it was demanded from below by the people who invested in the financial revolution.     

EFFECT OF TEXTILE QUOTA RESTRICTIONS ON U.S. COTTON TEXTILE IMPORTS BETWEEN 1964 AND 1973

The objective of this study was to investigate the effect of U.S. cotton textile quotas on cotton textiles imported into the U.S. between 1964 and 1973. The findings showed that cotton imports requiring more processing stages had significantly greater 10-year average prices than other groups. Changes in the dollar value of imported cotton textiles during the decade have mainly occurred because of an increase in the average prices rather than resulting from a redistribution of imports from low to high average price groups. The weakening correlation between changes in the dollar value and in the quantity of high unit value groups indicated that the control on quantity has not precluded increases in total dollar value of imports in higher processing stages, especially since 1970. Since fabrics with a relatively stable average price accounted for the major importation of cotton textiles during the 1964–1973 period, the overall control by quantity in this decade was still quite good, even though average prices of apparel were rising.     

Tsunami Swamps Aid Agency Accountability: Government Waives Requirements

Following the devastating tsunamis of 26 December 2004, Australians were eager to donate money to the relief effort. An issue for many was identifying a trustworthy agency; this could be done through direct knowledge of an organisation, or by depending on the recommendations of a source whose competence and integrity was readily accepted. The Australian government provided this external credibility to the 34 charities it listed on its official tsunami assistance website. However, an investigation of these agencies and the actual appeals conducted by them indicates that the government may have waived its normal requirements by moving away from its two accountability programs, AusAID and ACFID accreditation.     

Risk Overhang and Loan Portfolio Decisions: Small Business Loan Supply before and during the Financial Crisis

We estimate a structural model of bank portfolio lending and find that the typical U.S. community bank reduced its business lending during the global financial crisis. The decline in business credit was driven by increased risk overhang effects (consistent with a reduction in the liquidity of assets held on bank balance sheets) and by reduced loan supply elasticities suggestive of credit rationing (consistent with an increase in lender risk aversion). Nevertheless, we identify a group of strategically focused relationship banks that made and maintained higher levels of business loans during the crisis.     

The significance of fragrance and olfactory acuity for the consumer household product market

The research for this paper evolved from fragrance investigations undertaken within the Product Evaluation Department at SC Johnson Research and Development Centre. It aims to assess the odour perception capabilities of consumers, to compare their odour perception levels and fragrance preferences and to determine whether gender or age affect differential sensitivity to odours. Research into olfaction is inconclusive, but it is valuable for establishing some of the factors which affect the sense of smell. Olfaction and the realm of fragrance are closely related and one cannot be fully understood without the other. Both concepts will be examined through this research and reference will be made to the ‘trickle-down effect’ which is of particular relevance to the household product market.