A companion panel looks to Asian capitalism in transition tracking the recent evolution of global value chains (GVCs) in the region. This panel assesses similar transformations but looks beyond Asia globally to the problems and promise of supply-chain continuity. Value chains require a coherence of policy and practice that reinforces cohesion among market partners and political leaders. As polities, policies, and market practice evolve, GVC dynamics must likewise evolve to sustain a flexible cohesion A state-society perspective draws our attention to political systems, policies and practice. Cohesion or deeper cooperation comes to the fore as we track the response of lead firms to changing economic and trade policies of local states.
Combining a theoretical framework refining the GVC concept with bilateral and multilateral case studies, the U.S./China strategic competition looms large. Moving between case and concept, we begin to unravel the myriad ways in which recent geopolitical tensions have affected trust in global exchange. Addressing specific questions about the actual operation of the chains, the relationship between lead firms and political leaders, relocation or restructuring, etc., a conversation emerges about the relevance, significance, and changing definition of the GVC concept on the global stage.
Finally, in tandem with our companion panel, we address policy-relevant issues with a theoretically informed and empirically robust approach. The papers as a whole move us beyond GVC policy debates on back-shoring, reshoring, or re-investment, to wider issues of securitization on the one hand, and the formal and informal institutions supporting trust in cross-border investment on the other. Our goal is to bridge policy and practice with a stronger empirical and conceptual understanding of the chains. We bring theoretical analyses and insights that shed light on the ties that connect firms and nations in cross-border networks of trade and investment.