On the Leading Edge… or Behind the Curve?
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One part of the report focused on both the benefits of standards for business and on the benefits for the economy as a whole. In comparing both company-developed standards, and industry-wide standards, the report states that “…company standards have the greatest positive effect on businesses, for they help improve processes. When it comes to the relationship with suppliers and customers, however, industry-wide standards are the main instruments used to lower transaction costs and assert market power over suppliers and customers. In fact, industry-wide standards play a vital role in our increasingly globalized world.”
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