The Geoeconomics of Global Value Chains: Navigating Geopolitical Complexity and Industrial Policy Shifts

The post-Cold War era was widely associated with the Washington Consensus, which promoted economic efficiency, specialization, and trade liberalization as pathways to growth and social welfare. Globalization facilitated the rise of geographically dispersed production networks, known as global value chains (GVCs). For decades, firms benefited from offshoring by exploiting labour cost differentials, accessing cheaper resources, and entering new markets. However, since 2010, political and soci...