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Our case studies in the past including the ones discussed in this chapter indicate clearly that it is not sufﬁcient to improve the quality of products alone in order to raise proﬁtability. They need marketing innovations because innovative entrepreneurs must convince consumers of the high quality of their products. They also need management innovations because they must maintain high product quality even after they start mass production. Due to the complexity of such multifaceted innovations, the education of entrepreneurs is important for innovations.
Since many entrepreneurs and traders in a cluster are acquainted with each other and exchange information about the personality and conduct of others, dishonest behavior is likely to be detected and heavily punished, and thus the temptation to behave dishonestly tends to be suppressed. Low transaction costs facilitate the division of labor between manufacturers and traders. Second, the division of labor enables manufacturers to specialize in a narrow range of the production process, which saves both working capital and ﬁxed capital (Ruan and Zhang, 2009).
20 Cluster-Based Industrial Developments and between assemblers and parts-suppliers increases with the market size (Ruan and Zhang, 2009; Stigler, 1951). In the transaction of ﬁnal products and parts, transaction costs may arise from asymmetric information about the quality of goods to be transacted and from imperfect contract enforcement. At this stage of development, however, the problem of asymmetric information regarding the quality of products is not serious because all products and parts produced and transacted in the cluster are of uniformly low quality.