Redefining Global Markets

The Regionalisation of Global Value Chains

verfasst von: Erika Majzlíková

Verlag: Springer Nature Switzerland

Buchreihe : SpringerBriefs in Economics

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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This book analyses the possible regionalization of global value chains, particularly in manufacturing. Amidst calls for an industrial renaissance in Europe and a resurgence of manufacturing jobs in the United States, the dynamics of global value chains have been reshaped by global pandemics, geopolitical tensions, and increased automation.

Employing a multi-regional input–output model, the book scrutinizes the decline in offshoring afer the mid-2010s. It sheds light on regionalization as a pivotal force redefining global markets, and focuses on Europe and North America, revealing the strengthening of regional ties. Discussing future challenges, the book will appeal to scholars, students, and researchers, as well as practitioners and policy-makers interested in a better understanding of (de)globalization nuances connected to the evolving role of manufacturing in global value chains.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Abstract

In her introductory remarks, Majzlíková questions the extent of true global integration within global value chains and examines the recent trend towards greater regionalisation. In addition to a global perspective, the research focuses on a selection of European economies. It highlights the use of a multiregional input–output model to examine the complex employment and value added shares in manufacturing. In addition, the author highlights the potential alignment of nearshoring with broader trends of deglobalisation and protectionism, often spurred by events such as global pandemics, wars and disintegration. Finally, Majzlíková explains the need to examine the pace of the overall deindustrialisation process, linking its recent slowdown to the regionalisation of value chains in many regions of the world.

Erika Majzlíková

Chapter 2. Deindustrialisation in the New Millennium

Abstract

Majzlíková engages in a theoretical exploration of deindustrialisation, focusing in particular on the declining share of labour in manufacturing and the declining share of value added within the sector. Alongside a concise historical examination of the phenomenon, she presents current evidence of deindustrialisation in the new millennium. The author examines the main factors contributing to the decline of manufacturing, in particular the role of outsourcing, offshoring and their evolving dynamics within global value chains. In the second part of the chapter, Majzlíková raises critical questions about the continuing global nature of value chains and explores the benefits and challenges associated with regionalisation, including concepts such as nearshoring, backshoring, friendshoring and reshoring.

Erika Majzlíková

Chapter 3. Empirical Analysis of Global Value Chains

Abstract

This chapter deals with the empirical analysis of global value chains. It explains step by step the methodology of the multiregional input–output model, in particular the subsystem approach. This term refers to a set of vertically integrated activities used in the production of final goods and services. It allows for the calculation of complex linkages between countries and industries, thus revealing the true extent of deindustrialisation and regionalisation of GVCs. Majzlíková also explains the data used in the model. First, she highlights the reliance on Eurostat’s FIGARO 2022 database, complemented by her own compilation of employment data compatible with this input–output database. She also explains the use of the Global Manufacturing Employment Database, which integrates manufacturing employment shares from ILOSTAT and the GGDC 10-sector database.

Erika Majzlíková

Chapter 4. Regionalisation of Global Value Chains in Manufacturing

Abstract

Majzlíková focuses on exploring the transformation of global value chains (GVCs) into more regional structures after the mid-2010s. Her research examines the jobs and value added that result from the final demand for manufacturing products in different global regions, with a focus on the major European economies—Germany, Spain, France, the UK and Italy. In addition to the study of offshoring, it examines the growing trend of nearshoring during this period. In the case of European economies, it attempts to estimate intra- and extra-EU offshoring shifts, thus identifying changes in global markets. The chapter is complemented by a focused analysis of the automotive industry to see whether the trend towards regionalisation of production value chains is also present at the industry level.

Erika Majzlíková

Chapter 5. Deindustrialisation over Time

Abstract

In this chapter, Majzlíková revisits the econometric model of deindustrialisation to examine the pace of decline in manufacturing employment, focusing mainly on the period after 2010. She uses panel data on manufacturing employment for a significant number of world economies. It focuses on the pace of deindustrialisation over time in developed economies, Asia, Latin America, sub-Saharan Africa and other economies. As a robustness check, she runs the model on an alternative database consisting of input–output data for 2000–2020. Majzlíková concludes that the process of deindustrialisation has indeed slowed down in the last decade and that this is especially true for the group of developed countries.

Erika Majzlíková

Chapter 6. Conclusion

Abstract

Majzlíková explores the enduring concept of deindustrialisation and global value chains. However, recent major events such as the COVID-19 pandemic, the Russian-Ukrainian conflict and the ensuing global energy crisis have reshaped global market dynamics. These crises have led to a shift in production locations and a shortening of value chains. Since the mid-2010s, there has been a decline in offshoring, with activities returning or relocating closer to their countries of origin, suggesting a resurgence of (re)nearshoring. Majzlíková explains a gradual decline in extra-EU offshoring for European economies, highlighting the emergence of more regional GVCs. She therefore addresses future challenges related to (de)globalisation trends and the changing role of manufacturing in global value chains, in particular with regard to offshoring, reshoring and nearshoring.

Erika Majzlíková

Backmatter

Titel: Redefining Global Markets
verfasst von: Erika Majzlíková
Verlag: Springer Nature Switzerland
Electronic ISBN: 978-3-031-56042-2
Print ISBN: 978-3-031-56041-5
DOI: https://doi.org/10.1007/978-3-031-56042-2

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Über dieses Buch

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Chapter 2. Deindustrialisation in the New Millennium

Chapter 3. Empirical Analysis of Global Value Chains

Chapter 4. Regionalisation of Global Value Chains in Manufacturing

Chapter 5. Deindustrialisation over Time

Chapter 6. Conclusion

Backmatter

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