The Impact of Global Value Chains on Trends in World Trade
DOI:
https://doi.org/10.15678/ZNUEK.2015.0946.1003Keywords:
international trade, global value chains, vertical specialisation, trade in tasksAbstract
The article examines the influence of the expansion of global value chains on the development of world trade. Nowadays trade is rapidly intensifying, due mainly to multiple movements of parts and components between the markets on which particular phases of production processes are placed. This has led the value of trade to far exceed the value added in production. As a result of such overestimation, some conclusions have become questionable – for example, that there would occur a significant increase in the importance of developing countries in world trade and a marked shift in their comparative advantage. The article presents these and other shortcomings of traditional trade measures. It also discusses the latest developments in the design and implementation of alternative measures, aiming to increase the precision of the descriptions of world trade.
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