The Business of Time: A Global History of the Watch Industry

The world's watch production is concentrated in Switzerland, Japan, and China, while former centers such as Great Britain, France, the United States, and Russia saw the industrial manufacture of watches disappear during the twentieth century. This situation arose due to the evolution and transformation of the global watch industry, with multinational companies gradually emerging to dominate the industry.

Format: Hardback
Length: 216 pages
Publication date: 05 July 2022
Publisher: Manchester University Press

The world of watch production is currently dominated by a select few countries, namely Switzerland, Japan, and China. In contrast, former watchmaking hubs such as Great Britain, France, the United States, and Russia witnessed a decline in industrial watch manufacturing during the twentieth century. This shift in the global watch industry's landscape raises several intriguing questions. How did this situation come about? To address this question, the book "The Business of Time" offers a comprehensive historical account of the watch sector. It traces the evolution and transformation of the global watch industry from the mid-nineteenth century to the present day, highlighting the conditions that facilitated watch production's expansion across the globe. Additionally, the book sheds light on how multinational companies gradually emerged to dominate the industry.

The mid-nineteenth century marked a significant turning point in the history of watch production. Prior to this era, watches were primarily handcrafted by skilled artisans in small workshops located in various parts of the world. However, with the advent of industrialization and the rise of mechanized manufacturing, the production of watches became more streamlined and efficient. This led to the establishment of large-scale watch factories in countries such as Switzerland, Germany, and the United States.

One of the key factors that facilitated the expansion of watch production was the availability of skilled labor. As industrialization spread, many people from rural areas moved to cities in search of employment. These workers brought with them a wealth of technical skills and expertise in various manufacturing processes, including watchmaking. The availability of skilled labor allowed watch factories to produce watches at a faster and more consistent rate, leading to lower production costs and increased profits.

Another factor that contributed to the growth of the global watch industry was the development of transportation and communication technologies. The advent of the steam engine, the telegraph, and the railways made it easier for watch factories to transport their products to different parts of the world. This facilitated the establishment of international trade networks, which allowed watch manufacturers to access new markets and expand their customer base.

In addition to the availability of skilled labor and transportation technologies, the global watch industry was also influenced by political and economic factors. The rise of nationalism and the establishment of trade barriers in various countries led to the development of domestic watch industries. For example, in the United States, the watch industry was heavily influenced by the development of the railroad system, which allowed for the transportation of watches to different parts of the country.

However, the dominance of multinational companies in the global watch industry began to emerge in the early twentieth century. The rise of industrialization in Europe and the United States led to the establishment of large-scale watch factories that could produce watches at a lower cost than their domestic competitors. These multinational companies were able to leverage their economies of scale and their access to global markets to dominate the watch industry.

One of the key strategies that multinational companies used to dominate the global watch industry was the establishment of brand loyalty. These companies invested heavily in marketing and advertising campaigns to promote their brands and build a strong reputation among consumers. They also focused on developing innovative technologies and designs to differentiate their products from their competitors.

Another strategy that multinational companies used was the acquisition of smaller watch manufacturers. By acquiring these smaller companies, multinational companies were able to expand their production capacity and their market share. They were also able to access new technologies and expertise that they could use to improve their products.

In conclusion, the global watch industry has undergone a significant transformation over the past few centuries. From its humble beginnings in small workshops, the industry has grown into a multi-billion dollar industry that is dominated by multinational companies. The expansion of watch production was facilitated by the availability of skilled labor, transportation and communication technologies, political and economic factors, and the establishment of brand loyalty. Multinational companies were able to leverage their economies of scale and their access to global markets to dominate the watch industry, and they continue to play a significant role in the sector today.

Weight: 528g
Dimension: 175 x 246 x 24 (mm)
ISBN-13: 9781526162571