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Global value chains and the changing nature of international specialization

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  • Elena Spasova
  • Eduard Marinov

Abstract

Along with the dynamic transformations associated with the failure of multilateralism, changes in global demand patterns, the return to protectionism and the integration of emerging economies into global markets, global trade is undergoing dynamic changes related to the search for greater economic efficiency through the use of global value chains. These trends have an impact on both trade and production specialization, and the demand for different types of skills, thus enabling greater profits, but also posing new challenges for trade policy. The main trends in trade and specialization and the development of global value chains are traced, then the changing nature of international specialization and the relationship between trade policy, trade and specialization are analyzed. Lastly, an assessment of the future development of global trade and global value chains is presented and several scenarios for trade and specialization by 2060 are summarized.

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  • Elena Spasova & Eduard Marinov, 2021. "Global value chains and the changing nature of international specialization," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 3-28,29-52.
    • Handle: RePEc:bas:econth:y:2021:i:1:p:3-28,29-52
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    Cited by:

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    More about this item

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F60 - International Economics - - Economic Impacts of Globalization - - - General

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