International Trade and Global Value Chain: An Overview

This paper attempts to explore the theoretical relations between existing trade literature and converge through it to recent trade evidence i.e. fragmentation of production processes into tasks and thus trade in tasks rather than a final marketable produce. Through its fallacies, we also try to address the problem of growth and development by the channels of international linkages. This paper does not suggests reverse globalisation, but believes in 'internal development' to gain the most out of the global economy. A special emphasis has been laid on India.