Price divergence is readily apparent to anyone who shops. Travelers
from Manchester to London, or from Chicago to Paris, are hit by
sticker shock. Products ranging from London Fog raincoats to Viagra
are available over the Internet at half their retail store prices.
Common experience tells us that prices for identical products
differ between countries, between cities, even between neighboring
shops. On the other hand, common experience also tells us that open
markets and greater competition will force a degree of price
convergence, if not identical prices.
This monograph presents speculative calculations that illustrate
potential benefits from price convergence between countries. The
authors take a fresh look at global economic integration by
examining existing price divergence, and possible price
convergence, across a range of consumer goods and then calculate
the potential benefits of price convergence on a country-by-country
basis and for the world as a whole. This study examines the
potential benefits from price convergence resulting from more
competition and market integration, not perfect competition and
market integration. The authors calculate these benefits assuming
that the world economy can attain the same degree of competition
and market integration -- and hence price convergence -- as exists
within the United States.
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