Year: 2021
Type: article
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.
Source: Economic Thought journal
DOI: 10.56497/etj2166101
Authors: Elena Spasova, Eduard Marinov
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W3131998225