The case for globalization and robust global value chains

Rumors of the impending demise of globalisation have been exaggerated but survival requires collective effort. This paper argues that a retreat from globalization broadly defined, and disruption of the global value chain machinery would have negative sum outcomes for all participants. In the troubling new normal that is currently unfolding, global integration aided by more streamlined GVCs will safeguard the gains to date and allow the global system to adequately cope with both the known challenges and others that remain unknown—including through the provision of global public goods.