Global value chains in a post-Washington Consensus world
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Contemporary globalization has been marked by significant shifts in the organization and governance of global industries. In the 1970s and 1980s, one such shift was characterized by the emergence of buyer-driven and producer-driven commodity chains. In the early 2000s, a more differentiated typology of governance structures was introduced, which focused on new types of coordination in global value chains (GVCs). Today the organization of the global economy is entering another phase, with transformations that are reshaping the governance structures of both GVCs and global capitalism at various levels: (1) the end of the Washington Consensus and the rise of contending centers of economic and political power; (2) a combination of geographic consolidation and value chain concentration in the global supply base, which, in some cases, is shifting bargaining power from lead firms in GVCs to large suppliers in developing economies; (3) new patterns of strategic coordination among value chain actors; (4) a shift in the end markets of many GVCs accelerated by the economic crisis of 2008–09, which is redefining regional geographies of investment and trade; and (5) a diffusion of the GVC approach to major international donor agencies, which is prompting a reformulation of established development paradigms.
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The global business revolution and the emergence of global/regional value chains since the early 1990s have been made possible by technological advances, cost-reduction opportunities associated with offshoring of labour-intensive manufacturing processes, and increasing openness to trade and investments.
“The global business revolution and the emergence of global/regional value chains since the early 1990s have been made possible by a number of technological advances (e.g., falling transportation costs, more interconnectedness via ICTs), costreduction opportunities associated with offshoring of labour-intensive manufacturing processes, and the increasing openness to trade and investments (Gereffi,”
From Industrial Policy in the 21st Century (2020) · cites this paper as Gereffi, 2014
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- Authors
- Gereffi, G.
- Affiliations
- Duke University (US)
- Corresponding author
- Gereffi, Gary
- ORCID
- Gereffi, Gary
- Venue
- Review of International Political Economy
- Publisher
- Informa UK Limited
- Published
- 2013-03-06
- Volume
- 21
- Issue
- 1
- Pages
- 9-37
- ISSN
- 0969-2290 (ISSN-L)
- 1466-4526
- OpenAlex
- W2027581737
- Cited by
- 1,063
- References
- 2
- Citations by year
- 2026: 36 · 2025: 62 · 2024: 74 · 2023: 113 · 2022: 112 · 2021: 127 · 2020: 110 · 2019: 157 · 2018: 75 · 2017: 73 · 2016: 38 · 2015: 48 · 2014: 32 · 2013: 6
- FWCI
- 122.04
- Type
- journal article
- Language
- en
- Open access
- green
- hdl.handle.net
- Licence
- cc-by-nc-nd
- Locations
- Review of International Political Economy (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- DukeSpace (Duke University) (submittedVersion, cc-by-nc-nd)
- Funders
- United States Agency for International Development
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Global trade, sustainability, and social impact
- Social Sciences › Political Science and International Relations › World Systems and Global Transformations
- Social Sciences › Political Science and International Relations › Globalization and political ideologies
- Keywords
- global value chains, Washington Consensus, governance structures, commodity chains, bargaining power, strategic coordination, development paradigm, international donors, global capitalism, developing countries
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