Australia and Japan after the second world war: constructing new futures in Asia

The subject of my lecture is Australian-Japanese relations since the end of the Second World War, but I’m keen to explore these relations in the context of ideas, efforts and practical results in relation to collaborative and other efforts towards regionalism in the Asia Pacific. My general argument is that, on the one hand, Australian-Japanese relations have developed with a strength that would have been hard to imagine in 1945, and with an important focus on regional growth and security. The incremental steps taken may have been small and at a steady pace but, given the legacy of deep scars resulting from the Second World War and given the limitations on the defence aspects of Japan’s postwar involvement in regional affairs (ie the self defence requirement of the Constitution and the practice of spending not more than one per cent of Gross National Product on defence), these have been very successfully negotiated steps. On the other hand, there are some opportunities for greater joint leadership in the region which may or may not be realized. The incremental steps took place in difficult and changing circumstances; and what I would like to do now is remind us of how many unknowns attached to what might happen in Australian- Japan relationships after the Second World War, partly because there were so many unknowns about how the post-war international order would settle, and partly because Australian-Japanese relations started from such a desperately low point. I will try to walk through some of the key features of different periods, as I see the periodisation logically falling out after the war, and draw some thoughts together in relation to more recent initiatives on regional and bilateral co-operation. My training is as a historian, and that shapes the way this lecture works, and for most of my career I have been an Australian historian of international relations, looking particularly at Australia’s changing role in world affairs, and that is also likely to show in what follows－possibly at the expense of greater detail from Japanese perspectives. But I hope you will understand that, and also the limitations involved in trying to paint with a broad brush on a huge historical canvas.

Competitive and cooperative behavior in embedded markets: developing an institutional perspective on bazaars

In an ethnographic study of a retail setting, we examine relationships among competitors. We find that competitors often emphasize various forms of cooperation, and we describe socio-economic behaviors that illustrate how cooperation transcends or mediates competition among retailers. Retailers selectively cooperate and compete for customers in ways that alter our understandings of concepts such as loyalty and market stability, and practices such as marketing communications and pricing. We highlight the significance of these institutional practices and the role they play in forming and maintaining community in a bazaar.

Embedded markets, communities, and the invisible hand of social norms

The authors'ethnographic work on social norms is intended to unravel the noninstrumental core of embedded markets. In offering a theory of “the invisible hand of social norms,” the authors show that consumer and seller behavior have expressive, moral, and emotional underpinnings that cannot be understood without a broader conceptualization of human motives and actions. This ethnography provides a rich understanding of the role of community and the behavioral dimensions of markets, which in turn helps deconstruct the current axiomatic treatment of transaction-centric markets and to reconstruct the market as a socially embedded institution in which community ties are formed and sustained.

The political economy of markets and development: a case study of health care consumption in the State of Kerala, India

Marketing theory has largely ignored the issue of power in influencing exchanges. Most of the studies either disregard the role of power, or resource power is the only dimension taken into account. In this study, we expand the existing understanding by centrally situating the role of socio-political power in the consumption process. We examine the health care system in the Indian state of Kerala and highlight that socio-political power is a crucial determinant of consumption levels. In the process, we argue that in a resource—constrained Third World society socio-political empowerment is critical to the development process.

Investment banks' entry into new IPO markets and IPO underpricing

We examine the relationship between investment banks' initial public offering (IPO) market shares and their prior IPO underpricing in the new IPO market for China-based companies on the Hong Kong Stock Exchange. To gain expertise in Chinese business practices, investment banks have the incentive to obtain business in this new IPO market by providing high offer prices to the issuer, leading to less underpricing and less money on the table. We hypothesize and find that the less an investment bank underprices Chinabased company IPOs, the greater its subsequent market share of China-based company IPOs in the Hong Kong Stock Exchange. Furthermore, this relationship is driven by a bank's initial China-based company IPO deals. These results suggest that in new IPO markets, investment banks' initial market shares, obtained through lower underpricing, help them grow their market shares in later periods, possibly through the expertise gained in the initial business.