How important are the remaining barriers to integration in
international goods markets and how would eliminating them affect
global and individual countries' welfare? This book studies these
questions using the most comprehensive price data available.
Bradford and Lawrence find that there is considerable market
fragmentation among industrial countries -- that is, firms charging
different prices for similar products in different national markets
-- even among countries with low tariff barriers. The authors
estimate that integration among the eight countries in their sample
-- Australia, Canada, Germany, Italy, Japan, the Netherlands, the
United Kingdom and the United States -- would raise global GDP by
more than $500 billion, or about 2 percent. Remarkably, almost half
the global gain in these eight countries could be reaped if Japan
alone eliminated its international fragmentation.
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