Discuss What's The Drivers For Global Pricing & Ways To Overcome Them?

Diverse Global Pricing is the huge difference between the prices of goods produced in different countries. For example Japanese electronics are way more expensive than Chinese electronics. This is due to various factors like some countries have cheap energy and cheap labor, so the cost of production is low and therefore they can affect the world market by exporting goods at lower prices. To overcome this new cartels should be formed which should set fixed prices or put a price floor and a price ceiling as limiting high and low prices. One of the examples to this is OPEC, a cartel between major countries for the pricing and control of oil. On the individual level countries can put restrictions on imports like tariffs.