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Restructuring Of Global Value Chains In The Second Decade Of The Xxi Century: Causes And Consequences

Author

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  • Kaloyan Kolev

    (University of Economics - Varna, Varna, Bulgaria)

Abstract

One of the major features of contemporary world economy is the organization of trade, production, investment and innovations within large-scale global value chains (GVC). The aim of the paper is to evaluate the present features of GVC and to identify the forces shaping their structure and activities. The study identifies six sustainable shifts in functional and spatial structure, length and fragmentation, factor intensity, internal commodity and service exchange, setting the framework of a new stage in the evolution of the GVC and the world economy as a whole. Changes are further discussed and related to evolution of Chinese economy, new industrial revolution and digital transformation, reindustrialization policies, new strategies of multinational enterprises. The analysis also points out some considerations regarding the effect of these changes on development and their cost to societies.

Suggested Citation

  • Kaloyan Kolev, 2020. "Restructuring Of Global Value Chains In The Second Decade Of The Xxi Century: Causes And Consequences," Economic Science, education and the real economy: Development and interactions in the digital age, Publishing house Science and Economics Varna, issue 1, pages 80-92.
    • Handle: RePEc:vrn:cfdide:y:2020:i:1:p:80-92
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    More about this item

    Keywords

    Global value chains; Globalization; Trade; Multinational Enterprises;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F60 - International Economics - - Economic Impacts of Globalization - - - General

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