Original article International Economics

GLOBAL VALUE CHAINS AND THE CHANGING NATURE OF INTERNATIONAL SPECIALIZATION

Elena Spasova - New Bulgarian University
Eduard Marinov - New Bulgarian University
Elena Angelova - NULL
Received: 30 May 2022
Revised:
Published:
Downloads: 0
Citations: 0
Issue 1/2021
JEL F10; F13 F60 F13 F60
DOI https://doi.org/10.56497/etj2166101

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.

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