The rising tensions between efficiency and resilience in global value chains in the post-COVID-19 world

Abstract

This paper explores the rising tensions between efficiency and resilience in global value chains (GVCs) in the post-COVID-19 world and discusses their potential implications for managing and coordinating GVCs. It considers efficiency and resilience in GVCs in relation to each other and explores the possibility of tensions between the two concepts. Particularly, it is argued that, while efficiency and resilience in GVCs may be at odds with each other in the short-term, they are not necessarily mutually exclusive in the long run. The paper adds to the discussions of trade-offs involved in managing contemporary GVCs and offers a new perspective on the interplay between efficiency and resilience. Embedded in the discussion of resilience vis-à-vis efficiency, we also provide a long-term perspective to prepare for and deal with global pandemics – or other risks – in an increasingly interconnected world. We lay out decisions and steps involved in finding the balance between efficiency and resilience, as both need to be maintained concurrently over longer periods.

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