Policymakers must consider global value chains from "summary" of The Industrial Policy Revolution II by J. Esteban,J. Stiglitz,Justin Lin Yifu
Policymakers today cannot afford to overlook the intricate web of global value chains that underpin modern economies. These chains represent the interconnected network of production processes that span across different countries, linking firms, workers, and consumers in a complex dance of supply and demand. Understanding the dynamics of global value chains is crucial for crafting effective industrial policies that can drive sustainable economic growth and development. By considering global value chains, policymakers gain insight into how economies are interconnected and how changes in one part of the chain can have ripple effects throughout the system. This interconnectedness highlights the importance of coordination and collaboration among countries to optimize the efficiency and effectiveness of production processes. Policymakers must take a holistic approach that takes into account the entire value chain, from sourcing raw material...
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