"The Role of the Merchant Coalition in Pre-modern Japanese Economic Development: An Historical Institutional Analysis"

This paper examines the economic role of the merchant coalition (kabu nakama) in Japan during the the eighteenth and the first half of the nineteenth century in Japan. During this period public sector enforcement of contracts was imperfect. Kabu nakama substituted for the public sector, using a multilateral punishment strategy. When the government (Bakufu) prohibited kabu nakama in 1841, the growth rate of the real money supply contracted, efficiency of price arbitrage declined, and the inflation rate increased.

Rancang Bangun Alat Pembersih Serat Pendek (Kabu-Kabu) Biji Kapas Tipe Kering pada Prosessing Benih Kapas (Delinter)

Dua puluh persen devisa negara dihasilkan dari industri tekstil, tetapi kebutuhan serat kapas dalam negeri dipenuhi dari impor yang mencapai 90% dan terus meningkat setiap tahunnya. Hasil penelitian menunjukkan bahwa produktivitas kapas dalam negeri seharusnya 1,50-2,80 ton/ha, sedangkan produktivitas di tingkat petani masih 0,48-0,52 ton/ha. Salah satu sebab rendahnya produktivitas adalah penggunaan benih yang kurang bermutu, karena benih yang digunakan masih berserat (berkabu) sehingga menyulitkan dalam proses sortasi. Untuk mendapatkan benih yang berkualitas dan menghilangkan kabu-kabu diperlukan mesin delinter. Selama ini USAha yang telah dilakukan dengan perendaman H2SO4 memerlukan waktu dua hari untuk mendapatkan benih yang bersih dari kabu-kabu, penelitian ini mencoba memperpendek waktu pembersihan kabu-kabu. Metode yang digunakan adalah metode perekayasaan yang meliputi pra rancangan, rancangan, uji fungsi, uji adaptasi dan uji daya kecambah. Proses untuk menghilangkan kabu-kabu dilakukan dengan menggunakan uap asam nitrit pekat (HNO3) yang disalurkan melalui pipa boiler. Hasil penelitian menunjukkan bahwa mesin delinter terdiri dari bagian feeder, penguapan kabu-kabu, saluran pembawa ke bagian pengeluaran, feeder ke penampung dan unit boiler. Pengujian terhadap benih yang dihasilkan dari proses mesin delinter menunjukkan daya kecambah sebesar 83%

"The Role of the Merchant Coalition in Pre-modern Japanese Economic Development: An Historical Institutional Analysis"

This paper examines the role of the merchant coalition (kabu nakama) in the eighteenth and the first half of the nineteenth century in Japan, from the standpoint of Historical Institutional Analysis (Greif[1997, 1998]). Quantitative economic history literature has made clear that market-based economic growth started around the end of the eighteenth century in Japan. On the other hand, the Bakufu, the central government, repeatedly promulgated Aitai Sumeshi Rei (Mutual Settlement Decree), prescribing that the public authorities would not accept suits on pecuniary affairs. This implies that the public system for third-party enforcement was not working well. Activities of the merchant coalition substituted for the public third-party enforcement. Many of the merchant coalitions' codes wrote that all of each coalition's members should suspend transaction with those who cheated any one of the members of the coalition. This was the multilateral punishment strategy (MPS), formulated by Greif[1993]. It is hypothesized that kabu nakama played the role of contract enforcement using the MPS, which reduced incentives for the transaction counterparts to cheat, and thereby promoted a market economy. Also, this paper empirically examines this hypothesis, using an opportunity of a natural experiment. In 1841, the Bakufu prohibited the coalition, intending to eliminate monopoly. The above hypothesis implies that prohibition of the coalition lowered the performance of the market economy. As predicted, we found that the growth rate of the real money supply contracted, that the efficiency of price arbitrage declined, and that inflation rate went up.

"The Role of the Merchant Coalition in Premodern Japanese Economic Development: An Historical Institutional Analysis"

This paper analyzes the role of the merchant coalition (kabu nakama) in Japan in the eighteenth and the first half of the nineteenth century, from the standpoint of Historical Institutional Analysis (Greif[1997]). The quantitative economic history literature has made clear that sustainable economic growth based on a market economy started in Japan at the end of the eighteenth century. On the other hand, from time to time the central government (Bakufu) legislated ordinances prescribing that suits on pecuniary matters would not be accepted (Aitai Sumeshi Rei). The implication is that the public system for third-party contract enforcement was not working well. The activities of merchant coalitions substituted for public third-party enforcement in premodern Japan. Many of the merchant coalitions' codes prescribed that all of each coalition's members should suspend transaction with those who cheated any one of the members of the coalition. This was the multiple punishment strategy (MPS), as formulated by Greif[1993]. The MPS of the merchant coalition reduced incentives for the players in the market to cheat, which in turn promoted development of a market economy. It is remarkable that the Japanese merchant coalition applied the MPS not only to ordinary commodity trade, but also to the putting-out system and employment. We empirically tested the above hypothesis about the function of the coalition. In 1841, the Bakufu prohibited the coalition, intending to eliminate any monopoly. This event can be regarded as a natural experiment, suitable for an investigation into the role of the coalition. The above hypothesis implies that prohibition of the coalition lowered the performance of the market economy. This implication was examined using data on the money supply and commodity prices. As predicted by the hypothesis, we found that the growth rate of the real money supply contracted and that the efficiency of price arbitrage declined.

The Use of Municipal Solid Waste Composition in Degradated Waste Soil Effectiveness in Aras Kabu Village, Beringin Subdistrict, Deli Serdang District

Introduction: This study aims to examine alternative management of paddy fields through the giving of municipal waste compost organic fertilizer in Aras Kabu Village, Beringin Subdistrict, Deli Serdang District. Materials and Methods: This research was conducted in Aras Kabu Village, Beringin Subdistrict, Deli Serdang District with an altitude of 11 meters above sea level. Soil analysis was carried out at the Laboratory of Soil Physics, Conservation of Soil and Water, and Technology Research in the Faculty of Agriculture, Universitas Sumatera Utara. This research was conducted in March until July 2017. This research used the non-factorial randomized block design with doses of organic matter (B) municipal waste compost, such as B0 = Control, B1 = 1.5% (28.70 ton.ha-1), B2 = 3.0% (37.40 ton.ha-1), B3 = 4.5% (96.10 ton.ha-1), B4 = 6.0% (104.80 ton.ha-1) Results: The provision of municipal waste compost organic fertilizer at the doses of 96.10 until 104.80 ton.ha-1 can improve the soil characteristic in Aras Kabu Village, Beringin Subdistrict so that the soil organic matter content reaches 3%

PERENCANAAN PAKET WISATA BUDAYA DI KABUPATEN TIMOR TENGAH SELATAN

This research uses descriptive qualitative research method with the technique of taking informants using purposive sampling technique. Data collection techniques using observation methods, library study interviews and documentation studies. The data analysis technique uses data reduction, data display and verification or drawing conclusions. The results of this study indicate that South Central Timor Regency has the potential for cultural tourism such as Benteng None, Sonaf Sonbesi and Kampung Boti. The potential for cultural tourism can be packaged into a tour package with the concept of a 2 day 1 night tour package in South Central Timor Regency. Based on the potential for cultural tourism, a tour package plan is then made at a price of Rp. 960,000 for 5 guests and a tour package packed with Culture Tour of Soe

World Novel Today

Panel: World Novel Today. The author discusses the state of the novel internationally

Causality of the brane universe

Causal structure of the brane universe with respect to null geodesics in the bulk spacetime is studied. It is pointed out that apparent causality violation is possible for the brane universe which contains matter energy. It is also shown that there is no 'horizon problem' in the Friedmann-Robertson-Walker brane universe.Comment: LaTeX, 9 pages, 4 EPS figures to appear in Phys. Rev. Let

Financial Strategy as a Support Mechanism for the Removal and Resolution of Distress in the Nigerian Banking Sector

The banking sector is the bedrock of the Nigerian economy, and this industry is known to have contributed in no small measure to the development of the economy. This industry is the enabling hub of national and global payment systems, which  facilitates trade transactions within and amongst numerous national, regional and international economic units and by so doing; it enhances commerce, industry and exchange.  In performing these various functions in the enabling environment provided by the government through various fiscal, and monetary policies and reforms, this industry has been experiencing a phenomenal distress whereby the banking institutions could not meet their financial obligations to their customers and stakeholders,  which led to the liquidation of many banking institutions, lost of deposits by depositors, lost of   investments by many investors and the crisis of confidence by the general public. Various researchers and bodies including the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) have done some works to solve this problem. The Central Bank of Nigeria (CBN) has introduced various reforms, yet this problem persists. The objective of this work is to evaluate financial strategy as determinant for sustainable performance growth and an antidote to distress in the Nigerian banking industry.  The research method is empirical, and descriptive with the use of primary and secondary data from 1998-2007. Primary data were obtained from a sampled population through the use of a corporate questionnaire, and for the secondary, macro data were obtained from Central Bank and Nigerian Stock Exchange. The work recommended a transformational financial strategy model in the work for implementation in the banking industry so that distress can be avoided and totally resolved. The model contains the following indices: sound corporate governance, good investment policy, effective capital budgeting, corporate planning, effective tax planning, effective budgetary control and economic profit of investment. An implementation of the model will give birth to sustainable performance growth which contains the following growth variables: adequate capital, quality earning assets, stable profitability, sustainable liquidity, enhanced dividend paid, and equitable tax liability. Other recommendations are: effective risk assets management, sound training of credit analyst, quality supervision from the industry regulators, and independence of EFCC for effectiveness. However, all stakeholders must be committed to the model and other recommendations

Birkhoff Theorem and Matter

Birkhoff's theorem for spherically symmetric vacuum spacetimes is a key theorem in studying local systems in general relativity theory. However realistic local systems are only approximately spherically symmetric and only approximately vacuum. In a previous paper, we showed the theorem remains approximately true in an approximately spherically symmetric vacuum space time. In this paper we prove the converse case: the theorem remains approximately true in a spherically symmetric, approximately vacuum space time.Comment: 7 pages, Revtex