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| Author: | Lorenzen, M. |
| Title: | Ties, trust, and trade: Elements of a theory of coordination in industrial clusters |
| Journal: | International Studies of Management and Organization
2002 : WINTER, VOL. 31:4, p. 14-34 |
| Index terms: | Organization theory Organizational behaviour Industrial economics Markets |
| Language: | eng |
| Abstract: | Industrial clusters are associated with positive economies of networking only because the benefits of specialization and trade among clustered firms are not offset by coordination costs. This article, drawing on a diversity of theoretical sources, elaborates on this insight, explaining why coordination is particularly efficient in industrial clusters compared to other trade contexts. It argues that in clusters, firms can lower coordination costs of networking by means of social trusts, while firms outside clusters have to rely on more costly coordination mechanisms. It defines and discusses trust and its origin, defines and discusses coordination and coordination problems, and explains the dominance of social trust within clusters through focusing upon information costs and social ties. |
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