Journal of Economic Perspectives: Vol. 6 No. 4 (Fall 1992)


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Product Markets and 1992: Full Integration, Large Gains?

Article Citation

Flam, Harry. 1992. "Product Markets and 1992: Full Integration, Large Gains?" Journal of Economic Perspectives, 6(4): 7-30.

DOI: 10.1257/jep.6.4.7


The goal of the '"1992" program is to complete by January 1, 1993, what the European Community set out to do in 1957: create a common market with a free flow of goods, services, labor, and capital. If the program is completed, the twelve member countries of the Community will form a common market larger than the United States, both in terms of population and gross domestic product (GDP). The renewed efforts have fuelled high expectations among the participants, and led to apprehension among many onlookers. Will "1992" bring the full integration and substantial benefits that are expected? Do countries outside the European Community have reason to fear "1992" or will they also benefit?

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Flam, Harry (Institute for International Econ Studies, Stockholm)

JEL Classifications

F02: International Economic Order
F13: Trade Policy; International Trade Organizations


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