2. La mondialisation s’est-elle arrêtée après la crise financière ? Chaînes de valeur mondiales et ralentissement du commerce international

As a result of technological change and the rise of Asian economies, firms intensified the fragmentation of their production processes in the 1990s. Global value chains emerged, contributing to trade and productivity growth. However, the process slowed down in the aftermath of the 2008-2009 financial crisis with the catching-up of the Chinese economy, rising protectionism, and new technological advances. This slowdown does not mean the end of globalization but a new phase where trade is likely to play a lesser role.