Noneconomic Objectives, Global Value Chains and International Cooperation

Bernard Hoekman, Petros C. Mavroidis () and Douglas Nelson
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Petros C. Mavroidis: Columbia Law School

Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, 2023, vol. 9, issue 3, No 10, 1089-1110

Abstract: Abstract Systemic conflicts increasingly affect the global value chains (GVCs) underpinning globalization by creating policy uncertainty and politicizing trade and investment decisions. Unilateral policies to attain competitiveness and noneconomic objectives (NEOs), including national security, create incentives for international cooperation to attenuate policy spillovers. Recent initiatives seeking to do so are organized around supply chain governance and need not be anchored in trade agreements. Whether such cooperation is feasible and can be designed to be effective in realizing NEOs is unclear. Plurilateral GVC-centered cooperation offers a potential path for states to pursue NEOs and reduce policy uncertainty for international business. Research offers little guidance to policymakers on the design of such cooperation. A key open question is to determine whether explicit market access commitments are necessary to sustain cooperation. Creating mechanisms for the epistemic communities that are concerned with a specific NEO or policy area to interact with stakeholders and lead firms operating international production networks can help inform the design of cooperation to attain NEOs more efficiently.

Keywords: Globalization; Geopolitics; National security; Noneconomic objectives; Supply chain clubs (search for similar items in EconPapers)
JEL-codes: F13 F15 K40 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s40797-023-00240-8

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