Interconnected Economies
Benefiting from Global Value Chains
Global Value Chains (GVCs) have exploded in the past decade and refer to the international dispersion of design, production, assembly, marketing and distribution of services, activities, and products. Different stages in the production process are increasingly located across different economies, and intermediate inputs like parts and components are produced in one country and then exported to other countries for further production and/or assembly into final products. The functional and spatial fragmentation that has occurred within GVCs has significantly reshaped the global economic landscape, thereby raising some new major policy challenges for OECD countries and emerging countries alike: trade policy, competitiveness, upgrading and innovation and the management of global systemic risk.
Foreword
The international fragmentation of production in global value chains (GVCs) challenges the way we look at the global economy. It is essential to understand how GVCs work, how they affect economic performance, and what policies help to derive greater benefits from them. This publication sets out the main evidence and policy implications of the OECD's work on GVCs, including trade policy, investment policies, innovation policies, and framework and structural policies that affect how, and to what extent, countries, including emerging and developing economies, can benefit from participation in GVCs.
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