global value chain

Syllable breakdown

Dictionary meaning

the full range of activities that firms and workers perform to bring a product from conception through design, production, marketing, and delivery to the final consumer, where those activities are distributed across multiple countries; GVC analysis, developed by Gary Gereffi and colleagues, examines how production is organised across borders and how value is distributed between lead firms and their suppliers; participation in global value chains has become a central development strategy for many countries, as it offers opportunities to upgrade capabilities by learning from lead firms; however, the COVID-19 pandemic and geopolitical tensions have prompted reassessment of GVC vulnerability and sparked debate about supply chain resilience and strategic reshoring