The COVID-19 pandemic triggered a major disruption in global value chains (GVCs) that pushed the global economy into a recession that promises to be worse than the 2008 crisis. This article illustrates the mechanisms through which the COVID-19 pandemic affected GVCs in the context of a changing configuration of the global economy. In particular, it is argued that GVCs became the main transmission channels of “economic contagion”. Finally, we posit that the pandemic provides an opportunity to revive the role of industrial policy as to govern the landslides of a world economy constantly pressured by globalization and deglobalization forces.
Supply chain contagion and the role of industrial policy
Andrea Coveri
;Antonello Zanfei
2020
Abstract
The COVID-19 pandemic triggered a major disruption in global value chains (GVCs) that pushed the global economy into a recession that promises to be worse than the 2008 crisis. This article illustrates the mechanisms through which the COVID-19 pandemic affected GVCs in the context of a changing configuration of the global economy. In particular, it is argued that GVCs became the main transmission channels of “economic contagion”. Finally, we posit that the pandemic provides an opportunity to revive the role of industrial policy as to govern the landslides of a world economy constantly pressured by globalization and deglobalization forces.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
