The Reshaping of Global Value Chains as a Megatrend of Modern Globalization

Abstract

The article examines the role of global value chains (GVCs) as one of the most important actors of globalization. The contribution of GVCs to accelerating globalization in the 1980s-2000s is shown, with 80% of the increase in the share of world trade in global GDP from 13.7% in 1970 to 29.7% in 2018 due to the GVCs. The relationship between the deceleration of the globalization and the performance of GVCs is revealed, since the share of GVCs in world trade contracted from 52% in 2008 to 47% by 2015 being infl uenced by the natural limits of the growth of technological openness, increased global uncertainty and global polarization. Th e indirect export indicator demonstrates slowing exports within the GVCs. Based on GVC statistics, the average annual growth rate of indirect exports decreased from 9.7% in 2000-2010 to 3.7% in 2020-2019. It is assumed that the obvious slowbalization since the early 2020s is not the evidence of “running away” from globalization but is an indirect confi rmation of the current reshaping of the GVCs. The phenomenon of “factoryless manufacturing” as the result of the soaring knowledge intensity growth in the global economy in recent decades is highlighted as one of the most important manifestations of the current redesigning of the GVCs. Challenges for developed, emerging economies and the GVCs in the conditions of “newbalization” or globalization 3.0 propelled by information technologies in the 2010s-2020s, are specifi ed. Th e most important consequence of this transformation is the accelerated transition from cross-border movement of goods to “factories” crossing borders