Monday, May 25, 2020

Global Value Chain

Many theorists have posited theories to explain the phenomenon of globalization. Karl Marx pointed out that there was no limit to the connection between capitalist mode of production with universal structures and he described globalization as a search for new value useful to the exchange of goods across borders. Wallerstein placed division of labour at the centre of his analysis of the development of capitalism. He developed world system analysis, a new approach, which introduced geopolitical and geo-economic architecture. However, others may see the global economy as a system in which labour and production helped complete the final products. “Commodity chain” was not a novelty but an indispensable part of global capitalist economy. On the basis of theory on commodity chain, economists have propounded theory of value chain which are defined as a collection of all activities that enterprises and workers undertake to make a product from materials to the complete product. At a later stage, ideas of “integration of trade”, “disintegration of production” and outsource were added. This is indeed a useful tool to analyse the organization of different industries as well as the added value in each part of the production. It also helps us map out directions for development and suitable strategies.

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