Global value chains and the rise of the Global South: unpacking twenty‐first century polycentric trade

Abstract A growing body of research points to the ‘Rise of the South’ and the growth of South–South trade. In this article, we consider the implications of the shifting dynamics of global trade and the greater prominence of Southern actors for the conceptualization of global value chains (GVCs) and global production networks (GPNs). We use trade data analysis to explore the changing geography of global trade and to highlight the emergence of more polycentric trade. We argue that our understanding of GVCs and GPNs, in a context where Southern actors and Southern end markets have more prominent roles, requires greater attention to the existence of multiple value chains (VCs) and production networks (PNs) serving different end markets – including domestic, regional and global. Consequently, there is a need to refine our understanding of both governance dynamics – lead firm strategies and standards requirements – and upgrading prospects through recognizing this shifting trade geography. We conclude by raising several new research questions regarding the conceptualization of VCs and PNs in a world where Southern actors and Southern markets are increasingly important.