After the Bubble: The Survival and Ownership of Internet Marketplaces for Farmers and Agribusiness

This paper presents a theory of how industry structure and beliefs about Internet marketplace use have driven choice and ownership of marketplaces. The theory's predictions suggest that surviving Internet marketplaces will be those with strong historical linkages in an industry and those owned by or affiliated with major commodity buyers. Comparisons of these predictions with actual outcomes provide validation of the theory. Where predictions differ from results, observations are made as to the nature of the deviations.agricultural markets, electronic commerce, Internet markets, network externalities, technology adoption, Agribusiness,

User Participation in Value Creation

This article examines HM Treasury’s proposal to account for the active participation of users in value creation in certain digital platforms. The first key question is whether there is any reason to believe, as HM Treasury suggests, that users only meaningfully or actively contribute to value creation in the context of certain digital platforms. The article accordingly explores the factors HM Treasury sets out for the attribution of income to active user participation, including features such as network effects, multisided business models, and a lack of physical presence in the jurisdiction of the user. It concludes that if a user participation concept were adopted into international tax norms, it is unlikely to be limited to digital businesses or to the business models particularly highlighted in the proposal issued by HM Treasury. The analysis proceeds by considering the factors set out by HM Treasury for the attribution of income to active user participation in the context of pharmaceuticals and biologics, the financial sector, and the “internet of things”. For example, the article concludes that under HM Treasury’s user participation theory, returns from certain London-based financial intermediation businesses would need to be reallocated to other jurisdictions. Moreover, as the internet of things develops, one would expect the range of business affected by the active user participation concept to constantly expand

B2B e-marketplaces : a study of the current industry

The subsequent work is a study of B2B e-marketplaces. These trading platforms are a relatively new creation, having their birth in the ever more widespread adoption of Internet technology throughout business. The implementation of electronic transactions in place of the traditional paper-based order process offers substantial cost reductions to companies. Once a company has decided on changing the procurement process to the electronic medium however it is presented with a multitude of technical incompatible problems to reach all of its trading partners, as there currently exists no technical standard for business transactions. Thus there is an opportunity for an intermediary, a platform where a myriad of companies can ‘virtually’ congregate to trade, this marketplace being accessed through an easy to use Web site. The e-marketplace may generate revenue in part by extracting a fee for each transaction conducted across its platform. This creates a dilemma, the creation of a trading platform is not such a feat that it is beyond large companies. Indeed the transaction fees charged by e-marketplaces compound the desire of companies to create their own platforms. Such private e-marketplaces are appearing, built on proprietary technologies and inciting concerns of fair-trading law infringements. The independent e-marketplace built to service an entire industry must offer more to potential users than a company could provide for itself. It achieves this through being neutral and open to all industry members, highly transparent in operation and explicit in its integrity. Impossible for company-created and therefore biased platforms, the independent platform can create a Virtual Community, supporting networking throughout an industry. Rather than monetary profits for the owners of the platform, the true value of the e-marketplace lies in the use of information to manage inventory, saving large amounts of money usually trapped in stock and in striking redesigns of workflow.The subsequent work is a study of B2B e-marketplaces. These trading platforms are a relatively new creation, having their birth in the ever more widespread adoption of Internet technology throughout business. The implementation of electronic transactions in place of the traditional paper-based order process offers substantial cost reductions to companies. Once a company has decided on changing the procurement process to the electronic medium however it is presented with a multitude of technical incompatible problems to reach all of its trading partners, as there currently exists no technical standard for business transactions. Thus there is an opportunity for an intermediary, a platform where a myriad of companies can ‘virtually’ congregate to trade, this marketplace being accessed through an easy to use Web site. The e-marketplace may generate revenue in part by extracting a fee for each transaction conducted across its platform. This creates a dilemma, the creation of a trading platform is not such a feat that it is beyond large companies. Indeed the transaction fees charged by e-marketplaces compound the desire of companies to create their own platforms. Such private e-marketplaces are appearing, built on proprietary technologies and inciting concerns of fair-trading law infringements. The independent e-marketplace built to service an entire industry must offer more to potential users than a company could provide for itself. It achieves this through being neutral and open to all industry members, highly transparent in operation and explicit in its integrity. Impossible for company-created and therefore biased platforms, the independent platform can create a Virtual Community, supporting networking throughout an industry. Rather than monetary profits for the owners of the platform, the true value of the e-marketplace lies in the use of information to manage inventory, saving large amounts of money usually trapped in stock and in striking redesigns of workflow

Basic Aspects of the Digital Economy

The digital economy is characterized by the digitations of many product and services and the user of the Internet and other networks to support economic activities. The traditional marketplace shifts to a virtual marketspace. Competition in such an environment is very intense and major changes occur. The impact of digital economy on business can be identified at three basic levels: improving direct marketing, transforming organizations, and redefining organizations.Ekonomia cyfrowa charakteryzuje się cyfryzacją wielu produktów i usług oraz wykorzystaniem Internetu i innych sieci do kreowania działalności gospodarczej. Wyraźnie występuje zjawisko transformacji tradycyjnego, fizycznego rynku w stronę wirtualnej przestrzeni rynkowej. Konkurencja w tak określonym środowisku ulega znaczącym zmianom i zasadniczo wzmaga się. Wpływ ekonomii cyfrowej na sposób prowadzenia biznesu uwidacznia się na trzech zasadniczych poziomach: doskonalenie marketingu bezpośredniego, transformacja organizacji oraz przedefiniowanie podstawowej działalności organizacji.Zadanie pt. „Digitalizacja i udostępnienie w Cyfrowym Repozytorium Uniwersytetu Łódzkiego kolekcji czasopism naukowych wydawanych przez Uniwersytet Łódzki” nr 885/P-DUN/2014 zostało dofinansowane ze środków MNiSW w ramach działalności upowszechniającej nauk

From national marketplaces to global providers of financial infrastructures : exchanges, infrastructure & power in global finance

This paper analyses the role of (stock and derivative) exchanges as powerful actors in global finance. While most IPE accounts of exchanges analyse ‘exchanges as marketplaces’ and focus on equity market trading, they miss how exchanges have fundamentally transformed in the last 25 years. Through marketisation, internationalisation and digitisation, the business model of exchanges has fundamentally changed and led to the emergence of global exchange groups that dominate the exchange industry (CME, ICE, LSE, Cboe, Nasdaq and Deutsche Börse). Thereby, exchanges transformed from national marketplaces to global providers of financial infrastructures. They control the infrastructures that enable the functioning of capital markets: from market data, indices, financial products, trading platforms to post-trading activities such as clearing, exchanges create the rules according to which market transactions take place. This provision of financial infrastructures enables them to shape capital markets and represents a source of structural power, as exchanges potentially influence the actions of companies, investors and states entangled with these infrastructures. By shedding light on exchanges and their changed role and activities within capital markets, this paper makes a case for including exchanges as powerful actors into IPE analyses of global finance and for more closely analysing the structural power of (financial) infrastructure providers in the global economy

Global Capital Markets - An Updated Profile

More than two decades after the beginning of the financial revolution, globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasise certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital markets degree of integration follows. The emergence of new (types of) actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalisation of the financial supply chain.Capital markets, Innovation, Electronic trading