L7 Tsujiki Fish Market

Question 1

Theodore Bestor “Visible Hands”

Answer 1

• One of the worlds largest fish markets
• Visible hands description: a market that is accessible to public eye
• General public and fish traders can view auctioning that takes place in market and ‘visible hands’ of workers cutting/carving fish.

Question 2

Visible Hands is opposite to….

Answer 2

Adam Smiths ‘Invisble Hands’

Question 3

Adam Smiths ‘Invisble Hands’

Answer 3

• economic concept
• used to explain the market forces that equate supply and demand
• market is neither tangible or visible to public eye

Question 4

RISK AND UNCERTAINTY IN THE MARKET 1)

Answer 4

1) Uncertainty is the normal state of market operations.

• Traders themselves were unsure as to how the market really worked
• Trying to learn how to perform their job better

Question 5

RISK AND UNCERTAINTY IN THE MARKET 2)

Answer 5

2) Uncertainty comes from them trying to conduct a practice they haven’t yet learnt in full
- The skills necessary to successfully in an auction may take a life time to learn

Question 6

RISK AND UNCERTAINTY IN THE MARKET 3)

Answer 6

3) You have to earn RESPECT and prove artisanal skill to obtain a network of clients

• Pressure is enhanced since the traders reputation is at stake in the auction house
• ‘You stick with established buyers, not because you trust them more, but because you mistrust them less to serve you badly’
• reputation for good quality fish, they have reputation to sell it on with relationship of trust

Question 7

RISK AND UNCERTAINTY IN THE MARKET 4)

Answer 7

4) Poor purchases

- Traders may be forgiven for one bad purchase, but not repeated ones (REPUTATION)

Question 8

RISK AND UNCERTAINTY IN THE MARKET 5)

Answer 8

5) Inheret disease within the fish

• economic risk
• demand will fall and losses made

Question 9

RISK AND UNCERTAINTY IN THE MARKET 6)

Answer 9

6) Pressure to maintain family trade

- boys said that not continuing the business when their father died was not an option

Question 10

Sum up points of uncertainty:

Answer 10

• People work with risk and uncertainty because they have too, and they know that it is always in the background and they are able to manage their relationships to minimise the amount of risk between buyer and seller.

Question 11

HOW DO THEY MANAGE RISK? 1)

Answer 11

VISIBLE HANDS… uncertainty was managed by knowing their job meticulously

• crucial to the success of the market
• visibility = central to the success of market, helping to embed it in the social relationships that formed its success now.
• core valued that mattered to market pace

Question 12

HOW DO THEY MANAGE RISK? 2)

Answer 12

Traders are willing to accept a lower price for their fish, and protect themselves against risk, by sticking to established buyers

• relationships come before buying fish in the market
• market governance - market priced at auction are through to respect the continuation of the market by building trust between buyer and seller

Question 13

HOW DO THEY MANAGE RISK? 3)

Answer 13

They know the risk and uncertainty are always in the background

• they manage their relationship to minimise the amount of risk between buyer and seller

Question 14

HOW DO THEY MANAGE RISK? 4)

Answer 14

They take PRIDE in their work

Question 15

HOW DO THEY MANAGE RISK? 5)

Answer 15

HONOR - ‘unwritten rule’, where the traders come to protect each other - Japanese cultural values/identity

• 21st century traders are having to adapt to changing market place. Uncertainty is justified for pursuit of donor and upholding it.
• UNCERTAINTY = INHERENT IN THE MARKET