Global value chains (GVCs) have become a dominant feature of today's global economy. This process of international fragmentation, driven by technological progress, cost, access to resources and markets, and trade policy reforms, challenges our conventional wisdom on how we look at and interpret trade and, in particular, the policies that we develop around it. Traditional measures of trade, that record gross flows of goods and services each and every time they cross borders, alone, may lead to misguided decisi…
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