GLOBAL VALUE CHAINS AND ITS IMPACT FROM AN ECONOMIC GLOBALIZATION PERSPECTIVE

Abstract

Global value chains (GVCs) are increasing during the past decade, thereby raising new policy challenges for many countries, regarding various fields, as trade, competitiveness, innovation and management of global systemic risk. Today, world economy is characterized by global value chains in which intermediate goods and services are traded in fragmented and dispersed production processes. Therefore, the study of global value chains adds to understanding the nature of today’s geographically dispersed activities. In this article we try to analyze not only the evolution of value chains, but, in the same time, the changing features of this phenomenon in the last few years.