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The future of global value chains in a fragmented world
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In the context of 2020s, the global value chains (GVCs) became a hot issue in international economics. During the prior worldwide financial crisis, which became known as the Great Recession of 2007-2009, the role of GVCs, tying different countries across the world through the segmentation of production in all its dimensions (among others, design, manufacturing and distribution) and concomitant trade and foreign investments, was mainly considered a positive factor insofar they slowed down the risks of the usual threatening protectionist and isolationist tendencies that arise after the breaking of crises. According to this view (van Bergeijk, 2010), one step forward in this last direction would be harmful for all trading partners, or at least for most of them, because it would increase the crisis and hinder the way out of it. However, when we approach the middle of the 2020s, the international situation is very different from that one. Major global developments of the last years such as the Pandemic Covid-19, started in the beginning of 2020; the Russian's invasion of Ukraine in the 24th February 2022; the terrorist attack of Hamas in the 7th of October 2023, and the Israel-Hamas war that followed, although not alone, strongly contributed to the change of views on GVCs, particularly in some critical goods and sectors or with some powers. Due to its high relevance for populations it is no surprise that concerns over health defense and health have been the most determinant factors in this change of views.
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Global Value Changes Great Recession Global Economics COVID-19
Contexto Educativo
Citação
Silva, Joaquim Ramos .(2024). “The future of global value chains in a fragmented world” MIRDEC, 22nd Lisbon, International Business and Contemporany Discussion in Social Science, pp. 111- 116, University Autónoma de Lisboa, 15-16 May 2024