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Editor(s): David Greenaway Publication Date: 14 June 2012 Link to this page: http://www.cepr.org/pubs/books/P241.asp

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Summary: The world economy has become a more complex, interconnected place; changing patterns of international trade combined with significant changes in how businesses organise their production over global value chains demands a rethink of conventional approaches to policy. In addition, the recession that has followed the global financial crisis has been both deep and prolonged, creating further challenges for academics and policy makers alike.

This eBook forms the basis of a joint BIS-CEPR-ESRC conference on ‘The UK in a Global World: How can the UK focus on steps in global value chains that really add value?’ held in London on 14 June 2012. The volume brings together the research of leading experts in international trade, innovation and economic history. The first of the chapters takes an historical view of the role of policy in creating comparative advantage; the second considers UK innovation and R&D in a global world. The third chapter looks at value creation and trade in manufactures and draws a number of important policy implications for UK manufacturing. The focus of the final chapter is on comparative advantage and service trade, what drives export growth and whether policy can influence the drivers.

As David Greenaway concludes in his introduction, this collection is timely reminder of the importance of looking beyond the current financial crisis when thinking about innovation and international competitiveness; it offers a sophisticated and nuanced evaluation of the scope for policy intervention and the processes that need to be worked through to raise the likelihood of efficacious intervention. Some of the key messages relate to infrastructure and environment, some to demanding due diligence and some to the imperative of long term commitment. Together they really add value and will be helpful and useful to both the research and policy making communities.