Global value chains : inter-industry linkages, trade costs and policies
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0889-938X; 1573-7160
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Review of industrial organization, 2020, Vol. 57, No. 2, pp. 189-193
[Global Governance Programme]; [Global Economics]
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HOEKMAN, Bernard M., Global value chains : inter-industry linkages, trade costs and policies, Review of industrial organization, 2020, Vol. 57, No. 2, pp. 189-193, [Global Governance Programme], [Global Economics] - https://hdl.handle.net/1814/69873
Abstract
The concept of the “global value chain” (GVC) has become popular as a description of the way that firms fragment production into various stages located in different economies. The result was characterized in 2010 by then Director-General of the WTO, Pascal Lamy, as products being “made in the world.”Footnote1 A basic feature of international production is that part—often much—of the value added that is embodied in a good is produced in many countries: Inputs that are sourced from all over the world are incorporated into a final product that in turn may be shipped all over the world.
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First published online: 19 June 2020