Evolutionary State-Private Partnerships in the Electronics Global Value Chain (GVC) of the Asian Developmental State

Shin Wonkyu and Choi Changyong
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Shin Wonkyu: Korea Economic Research Institute, Seoul, Republic of Korea
Choi Changyong: Seoul National University, Seoul, Republic of Korea

Journal of Economic Integration, 2025, vol. 40, issue 4, 605-630

Abstract: This study proposes a novel state-private partnership model to support the Just-in-Value (JIV) paradigm—offered as a strategic alternative to traditional Just-in-Time (JIT) and Just-in-Case (JIC) approaches amid global value chain (GVC) restructuring under re-globalization. JIV prioritizes long-term value creation through innovation-led, trust-based collaboration between the state and the private sector. Through comparative case studies of Singapore, Thailand, and China, this study identifies three key drivers of domestic value capture from FDI: political stability, coherent policy frameworks, and strong innovation ecosystems. Singapore exemplifies a 'strategic orchestrator' model, successfully internalizing high-value activities via sustained public-private coordination. Thailand's fragmented governance and weak private sector integration have hindered its upgrading. China has retained significant domestic value through strong state-led coordination with unconventional non-market policies but now faces growing constraints amid escalating U.S.-China tensions and global market decoupling. These findings highlight the need for Asian developmental states to transition toward more adaptive, trust-based public-private partnerships—ones that not only respond to global uncertainties but also empower the private sector to take a leading role in fostering sustainable, innovation-driven economic growth.

Keywords: Global Value Chains (GVCs); Just-in-Value (JIV); State-Private Partnership; ICT Industries; Re-globalization; ASEAN; Singapore; Thailand; China (search for similar items in EconPapers)
JEL-codes: F14 F15 F23 O25 R58 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:ris:integr:021797

DOI: 10.11130/jei.2025024

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