The role of trust in US-Japanese food-grade soybean transactions

Abstract

To my parents 1V TABLE OF C4NTENT5 LIST OF FIGURES vi LIST OF TABLES Vll CHAPTER 1. INTRODUCTION CHAPTER 2. THE OVERV~W OF FOOD SOYBEAN TRADE 2-1 The characteristics of the major soybean foods and the demand characteristics for tofu/natto soybeans 2-2 The overview of soybean food markets in Japan 2-2-1 The overview of food grade soybean markets in Japan Use of tofu and natto markets for study 2-2-2 The overview of tofu market The structure of tofu industry The impact of the emergence of supermarkets on tofu industry The impact of the changes on tofu soybean demand 2-2-3 The overview of natto market The structure of natto industry The impact of the changes on natto soybean demand 2-3 The overview of food soybean trade between the U. S. and Japan 2-3-1 The definitions of a distributor and a trading company 2-3-2 The physical distribution of food soybeans-from US farms to Japanese soybean food makers 2-3-3 The players and their roles in the food soybean trade The case of bulk shipment (IOM soybeans) The case of container shipment (Specific variety soybeans) 25 CHAPTER 3. LITERATURE REVIEW 28 3-1 The theory of transaction cost economics 28 3-1-1 Transaction cost economics and related theories 28 3-1-2 The criticisms to transaction cost economics 34 3-2 The theory of trust 3 6 3-2-1 Why trust? 3 6 3-2-2 Trust in transaction cost economics 37 CHx~TER 2 THE OVERVIEW OF FOOD SOYBEAN TRADE In this chapter, we will first explain the characteristics of the major soybean foods in Japan (section 2-1). Second, we will observe two representative soybean product markets, tofu and natto markets, focusing on how they have developed and how their market structures are changing (section 2-2). We have selected these two representative products in the Identity-Preserved part of the food soybean procurement system. From the available literature and data, we will observe the changes in the final product markets, how these changes affect the strategies of makers and distributors, and the resulting changes in the food soybean trade. In section 2-3, we will overview food soybean trade between the US and Japan. In that section we will develop a detailed description of the physical distribution channel for food soybeans from the US farmers to the Japanese food makers. In addition, we will describe the roles of the firms operating in the value chain of food soybeans. Information was obtained through personal interviews with people in Japanese and US soy industries. These interviews were used to add depth to the analysis. The impact of introduction of Identity-Preserved (IP) handling on the food soybean transactions as the industry incorporated it will be mentioned in some parts of this chapter. Although IP handling was not a main focus of this paper, the movement to IP may have some impacts on the food soybean business.

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