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Management theory andtransaction cost economics provide few insights into the dynamics of multilateral negotiations. A host of factors suggest that complex transactions—especially those that involve government agencies—face a high probability of failure. Yet history records many examples of successful multiple-party transactions. Using the records of a major Australian iron ore mining venture, Hamersley Iron, this article reveals a number of the tactics that are usedto engineer an agreement when the parties concerned have conflicting objectives, different cultural affiliations, and distinctive institutional ties. The essay also exposes some of the devices that the Japanese steel industry—Hamersley's main customer—used to secure competitive advantages in raw material procurement during the industry's rise to international prominence.

This paper explicitly examines the communicating processes that conditioned the dynamic interaction between recognized norms and legislative activity affecting the professional development of pharmacists. The Pharmaceutical Society of Australasia successfully developed communication channels, exploited recognized models, and created institutional constructs. In contrast to much of the literature which attributes professionalization to the pursuit of a single aim, this study found that the PSA sought to achieve a wide range of objectives and that having a broad agenda was to its advantage. The PSA succeeded in shaping the public conceptions of the profession in order to influence an emerging regulatory regime.

Books reviewed in this article:Mark Casson, Information and Organisation. A New Perspective on the Theory of the FirmTakao Shiba and Masahiro Shimotani (eds), Beyond the Firm. Business Groups in International Historical Perspective

This paper seeks to extend our knowledge of intermediate transacting frameworks by examining the history of the Steel Manufacturers' Nickel Syndicate. The study shows how constituents arranged and employed inter‐organizational communication lines to create a durable cooperative purchasing syndicate that had a special relationship with a New Caledonian supplier. By measuring the financial advantages that members secured by participation relative to market prices, the article explores one way of refining our approach to comparative institutional analysis.

In 1962, Western Mining Corporation along with M. A. Hanna and the Homestake Mining Company formed a joint venture to explore and develop iron ore deposits in Western Australia. The partners successfully developed one ore field, but failed to build an enduring business relationship. The paper uses game theory to examine joint venture dynamics. It finds that the partners could not transform a Prisoners' Dilemma scenario into a coordination game because they failed to establish effective communication methods and an appropriate balance between contractual specification and latitude for ex post adjustment. The case reveals additional factors – differences in the size, local presence, and substitution possibilities of the players – that should be incorporated into game theory.