Effects of Digitalization on Global Value Chains
The development of the Fourth Industrial Revolution technologies has had a significant impact on structural changes in world trade and international production. In this regard, there is a rethinking of the classical approaches to creating global value chains (GVC). The study presents the major findings of the analysis of the relationship between digitalization and the construction of a new GVC architecture, taking into account both the change in its subject structure and new areas of internationalization and integration into GVC for companies of different types. The development of the next generation of value chains - digital GVCs - involves changing business models, which are becoming more customer-centric and ensure greater integration of companies from different countries within the framework of GVCs. It was found that there is a transition from a hierarchical to a modular type of organization in the GVC methodology. It was concluded that the unevenness of participation of different countries in GVCs in the context of the new phase of technological progress is increasing. The article assesses the possibilities and consequences of reshoring and offshoring for GVCs as the major directions of the foreign operations of multinational corporations. It was proved that the evolution of global digital platforms is a key trend in the transformation of GVCs in the era of new emerging technologies, further automation and robotization of production. The opportunities for small and medium-sized enterprises to integrate into GVCs explored in the study reflect their significant potential as exporters of services in the system of international production. It was revealed that the barriers to such integration are associated with the need to improve the regulatory framework for foreign trade activity of small and medium-sized enterprises at the national and multilateral levels.