Global Value Chains: Reconfiguration or Disintegration?
The world economy has made large welfare gains during the period of rapid globalization in the last decades. The distribution of these gains between and within countries may not match the equity perceptions of all observers, but their presence is indisputable (Helpman 2018). Especially in a global economic crisis, it may be negligent to forgo these benefits. Still, voices calling for more nationally-oriented protectionist policies are out there, writes Holger Görg, Professor of International Economics at the University of Kiel.