17 Jun 2021 Twenty-first Century industrialized economies moved away from domestic supply chains toward global value chains (GVCs). However, internationalized production can have adverse effects on domestic economies and societies, exemplified when GVCs failed to rise to the unprecedented demands of the early days of the COVID-19 pandemic. In the future, GVCs must be better implemented, especially within developing countries. This brief explains GVC activity across the world, including GVCs’ economic and social impacts. The brief also discusses trade policy, particularly how large economies dictate GVC development. Additionally, the brief discusses how policy implications must address several issues in the GVC model, including the need to respond to technological change, invest in human capital, ensure trade and investment flows, developing social safety nets, and make GVCs resilient to future shocks.