Andreoni, A; Lee, K; Torreggiani, S; (2021) Global Value Chains, ‘In-Out-In’ Industrialization, and the Global Patterns of Sectoral Value Addition. In: Structural Transformation in South Africa: The Challenges of Inclusive Industrial Development in a Middle-Income Country. (pp. 286-311). Oxford University Press: Oxford, UK.

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Abstract

Since the diffusion of the putting-out system among early European industrializers and, more recently, the emergence of regional and global value chains (RVCs and GVCs) among late industrializers, production-chain development has always played a key role in shaping countries’ structural transformation. Although GVCs already existed in the 1960s when countries like South Korea and Taiwan were starting to industrialize, since the 1990s there has been a palpable leap in the scale and scope of the internationalization of production. This is reflected in the large volume of flows in intermediate goods, which in 2018 represented almost half of world goods traded (about US$8.3 trillion) (UNCTAD, 2019), and in the substantial increase in the geographical breadth, length, and depth of production chains. Several global changes have also made the expansion of RVCs and GVCs possible: falling transport costs and advances in technology enabling more interconnectedness via ICTs; cost-reduction opportunities associated with offshoring labour-intensive manufacturing processes; and the increasing trade and investment liberalizations (Nolan, 2001; Milberg and Winkler, 2013; Gereffi, 2014; Neilson et al., 2014; Kaplinsky and Morris, 2015).

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