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Global Value Chains in a Postcrisis World: A Development Perspective
Global Value Chains in a Postcrisis World: A Development Perspective
Date: 15 April 2011, 04:37

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The world is in the midst of a sporadic and painful recovery from the most severe economic crisis since
the 1930s’ Great Depression. The unprecedented scale of the crisis and the speed of its transmission
have revealed the interdependence of the global economy and the increasing reliance by businesses
on global value chains (GVCs). These chains represent the process of ever-finer specialization and
geographic fragmentation of production, with the more labor-intensive portions transferred to
developing countries. As the recovery unfolds, it is time to take stock of the aftereffects and to draw
lessons for the future. Have we experienced the first global crisis of the 21st century or a more structural
crisis of globalization? Will global trade, demand, and production look the same as before, or have
fundamental changes occurred? How have lead firms responded to the crisis? Have they changed their
supply chain strategies? Who are the winners and losers of the crisis? Where are the engines of recovery?
Global Value Chains in a Postcrisis World: A Development Perspective

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