By Giovanni Federico
This publication examines the expansion of the realm silk undefined. Professor Federico records Western industrialization, the technical growth and the altering equipment of construction that enabled the silk to deal with elevated call for. Silk turned the 1st jap luck tale at the global industry, with Italy maintaining a big percentage until eventually exertions was once diverted because of its industrialization. eastern industrialization additionally led its silk to the same destiny after the second one international warfare.
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Extra info for An Economic History of the Silk Industry, 1830-1930
So why was reeling so risky? The experts were inclined to blame the excessive volatility of prices. 52 This 50 51 52 Federico 1994a, Appendice statistica, table XVa. Profits are estimated by deducting from the mark-up an estimate of the production costs for a 'median' plant of 100 basins with average productivity. For details, see Federico 1994a, Appendice I. T h e profits of the Katakura company have been kindly transmitted by Prof Ishii. For the fluctuations of profits in earlier years, see the data in Tolaini 1995b.
See Federico 1994a, Appendice statistica, table XVa. The cost of the raw material is the market price of fresh cocoons after the harvest multiplied by the average silk content; the proceedings are the sum of the price of silk and of the waste silk (multiplied the relative yield). For details on sources and methods of computing, see Federico 1994a, Appendice I. 5 per cent of the silk price. 4 lire/kg in December 1875. The variation of mark-up entailed an equivalent change of unit profits, because the processing costs hardly changed in the short term.
The amount of risk varied according to the likelihood of price shocks which, if the shocks were evenly distributed throughout the year, depended on the length of the period between the harvest and the final use of silk. In other words, ceteris paribus, reeling was the less risky the more frequent the crops were. If the shocks had been the same everywhere, the industry would have been less risky in southern China or Japan than in the Mediterranean or in central China. But the shocks were not the same everywhere, because the exchange-rate movements added a further source of uncertainty.
An Economic History of the Silk Industry, 1830-1930 by Giovanni Federico