Search for a command to run...
Over the past few decades, globalization has changed how countries, companies, and workers contribute to the global economy. In business and economics books, there has been a lot written about how global value chains (GVCs) have developed over time and how they affect the economies of countries, industries, and companies. With market liberalization and trade freedom on the rise over the recent decades, GVCs have changed a lot to keep up with technology advances and the fierce competition at both the local and global levels, as well as to give them a competitive edge and customers satisfaction. By adding smart technologies, the GVCs have moved up to the next level with digital technologies like artificial intelligence (AI), blockchain (BC), and Internet of Things (IoT). When these technologies were added to the GVCs that were already in place, they got a new identity: smart global value chains (SGVCs). This chapter’s goal is to give readers a broad review of the relevant material to help them understand GVC research. It does this by focusing on some of the most important topics that have been written about in GVC literature. It will try to figure out how SGVC can change the current GVCs in those sectors to make big changes as information and communication technologies get better. This chapter has the key areas that were used to start the GVC application in sectors like agriculture, manufacturing, health care, and education. It also goes into detail about how the GVC application will help the world economy. It gives a brief overview of the most common GVC analytical methods used in business and economics. In the end, the economic effects of GVCs in key areas are emphasized, such as competitiveness, trade costs, labour markets, economic growth, design, production, marketing, distribution, and support for consumers.