Value chains and the world economy: genealogies and reformulations

Global commodity chain, global value chain and global production network (GCC/GVC/GPN) approaches (here simply labelled GVC analysis) are part and parcel of mainstream development theory and practice. This chapter introduces and discusses critically these approaches. It: (1) describes their utility in understanding globalizing processes; (2) traces their lineage and evolution; (3) highlights and explains their key concepts; (4) illuminates some of their limitations; and (5) identifies ways in which they can be advanced further.