International Structural Competitiveness and the Hierarchy in the World Economy :  Theoretical and Empirical Research Evidence

Markaki, Maria; Economakis, George

doi:10.13169/worlrevipoliecon.12.2.0195

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World Review of Political Economy

Volume 12, Issue 2

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International Structural Competitiveness and the Hierarchy in the World Economy : Theoretical and Empirical Research Evidence

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Author(s): Maria Markaki ^* ^, , George Economakis ^* ^,

Publication date (Electronic preprint): 01 July 2021

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: international structural competitiveness, economic diversification, productive linkages, technological level, global value chains

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Abstract

The aim of this paper is to determine the level of competitiveness of national economies and their resulting hierarchy in the world economy. Based on the assumption that there is a structural relationship between the competitiveness of a national economy and the level of its economic development, we identify the main structural factors of international competitiveness. These factors are the degree of diversification of the productive structure of a national economy and the strength of its domestic sectoral productive linkages—which are both related to the level of industrial and technological development and the technological structure of exports. The Technologically Advanced Domestic Value Added in Exports, which condenses the above structural factors, is proposed as a measure of the level of competitiveness of national economies. This measure is implemented in order to determine the hierarchical position of 43 economies in terms of their international competitiveness. In addition, another measure of international competitiveness, the Economic Complexity Index, is examined and tested. When comparing the examined economies’ hierarchical positions obtained by using the two measures, a high correlation and a strong positive linear relationship between them is revealed.

Content

Author and article information

Journal

Journal ID (doi): 10.13169/worlrevipoliecon

Title: World Review of Political Economy

Abbreviated Title: WRPE

Publisher: Pluto Journals

ISSN (Electronic): 2042-8928

Publication date (Electronic preprint): 01 July 2021

Volume: 12

Issue: 2

Pages: 195-219

Author notes

[* ] Correspondence: Maria Markaki ( mmarkaki@ 123456hmu.gr )

[* ] Correspondence: George Economakis ( economak@ 123456upatras.gr )

Article

DOI: 10.13169/worlrevipoliecon.12.2.0195

SO-VID: 8f19c588-e985-4dbd-bd11-70475badf0c0

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History

Page count

Pages: 25

References

B. Amable, and B. Verspagen. 1995. “The Role of Technology in Market Shares Dynamics.” Applied Economics 27 (2): 197–204.
J. Amador, and S. Cabral. 2009. “Vertical Specialization across the World: A Relative Measure.” North American Journal of Economic Finance 20 (3): 267–280.
J. Amador, and S. Cabral. 2016. “Global Value Chains: A Survey of Drivers and Measures.” Journal of Economic Survey 30 (2): 278–301.
J. Amador, and F. Di Mauro. 2015. “The Age of Global Value Chains: Maps and Policy Issues.” Report of Centre for Economic Policy Research (CEPR).
J. Bair 2005. “Global Capitalism and Commodity Chains: Looking Back, Going Forward.” Competition Change 9 (2): 153–180.
A. Borin, and M. Mancini. 2017. “Follow the Value Added: Tracking Bilateral Relations in Global Value Chains.” MPRA paper no. 82692, University Library of Munich, Germany.
H. Chen, M. Kondratowicz, and K.-M. Yi. 2005. “Vertical Specialization and Three Facts about US International Trade.” North American Journal of Economic Finance 16 (1): 35–59.
X. Chen, L. K. Cheng, K. C. Fung, L. J. Lau, Y. W. Sung, K. Zhu, C. Yang, J. Pei, and Y. Duan. 2012. “Domestic Value Added and Employment Generated by Chinese Exports: A Quantitative Estimation.” China Economic Review 23 (4): 850–864.
K. Cheng, S. Rehman, D. Seneviratne, and S. Zhang. 2015. “Reaping the Benefits from Global Value Chains.” International Monetary Fund working paper, no. WP/15/204.
M. Cimoli, A. Primi, and M. Pugno. 2006. “A Low-Growth Model: Informality as a Structural Constraint.” CEPAL Review 28: 85–102.
S. S. Cohen, and J. Zysman. 1988. “Manufacturing Innovation and American Industrial Competitiveness.” Science 239 (4844): 1110–1115.
E. Davar 2016. “Marx and Input-Output Analysis and General Equilibrium Theory.” World Review of Political Economy 7 (1): 127–144.
Y. Duan, E. Dietzenbacher, X. Jiang, X. Chen, and C. Yang. 2018. “Why Has China’s Vertical Specialization Declined?” Economic Systems Research 30 (2): 178–200.
G. Economakis, G. Androulakis, and M. Markaki. 2015. “Profitability and Crisis in the Greek Economy (1960–2012): An Investigation.” In Greek Capitalism in Crisis: Marxist Analyses, edited by S. Mavroudeas, 130–152. London: Routledge.
G. Economakis, M. Markaki, and A. Anastasiadis. 2015. “Structural Analysis of the Greek Economy.” Review of Radical Political Economics 47 (3): 424–445.
G. Economakis, M. Markaki, G. Androulakis, and A. Anastasiadis. 2018. “Imperialist Exploitation and Crisis of the Greek Economy: A Study.” In Crisis, Movement, Strategy: The Greek Experience, edited by P. Sotiris, 40–66. Leiden and Boston: Brill.
European Commission. 2009. EU Industrial Structure 2009: Performance and Competitiveness. Luxembourg: European Commission.
Eurostat. 2014. Eurostat Indicators of High-tech Industry and Knowledge-Intensive Services. Luxembourg: European Commission.
J. Fagerberg 1988. “International Competitiveness.” The Economic Journal 98 (391): 355–374.
J. Felipe, and U. Kumar. 2011. “Unit Labor Costs in the Eurozone: The Competitiveness Debate Again.” Levy Economics Institute working paper no. 65.
T. Fotopoulos 1985. Dependent Development: The Greek Case. Athens: Exantas.
R. Hausmann, C. A. Hidalgo, S. Bustos, M. Coscia, A. Simoes, and M. A. Yildirim. 2014. The Atlas of Economic Complexity: Mapping Paths to Prosperity. Cambridge, MA: MIT Press.
R. Hausmann, and B. Klinger. 2007. “The Structure of the Product Space and the Evolution of Comparative Advantage.” Research Report of Center for International Development at Harvard University.
R. Hilferding 1981. Finance Capital. London: Routledge and Kegan Paul.
A. O. Hirschman 1958. “Interdependence and Industrialization.” In The Strategy of Economic Development, edited by A. O. Hirschman, 98–119. New Haven: Yale University Press.
A. O. Hirschman 1989. “Linkages.” In Economic Development, edited by J. Eatwell, M. Milgate, and P. Newman, 210–221. New York: W.W. Norton and Company.
D. Hummels, J. Ishii, and K. M. Yi. 2001. “The Nature and Growth of Vertical Specialization in World Trade.” Journal of International Economics 54 (1): 75–96.
J. Humphrey, and H. Schmitz. 2002. “How Does Insertion in Global Value Chains Affect Upgrading in Industrial Clusters?” Regional Studies 36 (9): 1017–1027.
F. Ilzkovitz, A. Dierx, O. Galgau, and K. Leib. 2009. “Trade Performance and Structural Competitiveness Developments in the Euro Area: Are Member States Equipped to Meet the Globalisation Challenges of the 21st Century.” Accessed March 1, 2021 . http://research.stlouisfed.org/conferences/integration/Galgau-paper.pdf.
J. Imbs, and R. Wacziarg. 2003. “Stages of Diversification.” American Economic Review 93 (1): 63–86.
R. C. Johnson 2014. “Five Facts about Value-Added Exports and Implications for Macroeconomics and Trade Research.” Journal of Economic Perspectives 28 (2): 119–142.
R. C. Johnson 2018. “Measuring Global Value Chains.” Annual Review of Economics 10: 207–236.
R. C. Johnson, and G. Noguera. 2012. “Accounting for Intermediates: Production Sharing and Trade in Value Added.” Journal of International Economics 86 (2): 224–236.
R. Koopman, Z. Wang, and S. J. Wei. 2012. “Estimating Domestic Content in Exports When Processing Trade Is Pervasive.” Journal of Development Economics 99 (1): 178–189.
P. Krugman 1989. “Differences in Income Elasticities and Trends in Real Exchange Rates.” European Economic Review 33 (5): 1031–1046.
H. D. Kurz, and N. Salvadori. 2000. “‘Classical’ Roots of Input-Output Analysis: A Short Account of Its Long Prehistory.” Economic Systems Research 12 (2): 153–179.
S. Lall 2000. “The Technological Structure and Performance of Developing Country Manufactured Exports, 1985–98.” Oxford Development Studies 28 (3): 337–369.
W. Leontief 1986. Input-Output Economics. New York: Oxford University Press.
B. Los, M. P. Timmer, and G. J. de Vries. 2016. “Tracing Value-Added and Double Counting in Gross Exports: Comment.” American Economic Review 106 (7): 1958–1966.
J. L. Love 1980. “Raul Prebisch and the Origins of the Doctrine of Unequal Exchange.” Latin American Research Review 15 (3): 45–72.
R. E. Miller, and P. D. Blair. 2009. Input-Output Analysis: Foundations and Extensions. Cambridge: Cambridge University Press.
L. Miotti, and F. Sachwald. 2003. “Co-operative R&D: Why and with Whom? An Integrated Framework of Analysis.” Research Policy 32 (8): 1481–1499.
S. Miroudot, and M. Ye. 2020. “Decomposing Value Added in Gross Exports.” Economic Systems Research 33 (1): 1–21.
P. Newbold, W. Carlson, and B. Thorne. 2013. Statistics for Business and Economics. Boston: Pearson.
A. Nurbel 2007. “The Global Competitiveness of the Nation: A Conceptual Discussion.” Journal of Business & Economics Research 5 (10): 63–72.
J. Ocampo 1986. “New Developments in Trade Theory and LDCs.” Journal of Development Economics 22 (1): 129–170.
OECD. 1992. Technology and the Economy: The Key Relationships. Paris: OECD Publishing.
OECD. 2019. “Guide to OECD’s Trade in Value Added (TiVA) Indicators, 2018 Edition.” https://www.oecd.org/sti/ind/tiva/TiVA2018_Indicators_Guide.pdf.
W. Peres 2006. “The Slow Comeback of Industrial Policies in Latin America and the Caribbean.” CEPAL Review 28: 67–83.
S. Petralia, P.-A. Balland, and A. Morrison. 2017. “Climbing the Ladder of Technological Development.” Research Policy 46 (5): 956–969.
D. Pilat, A. Cimper, K. B. Olsen, and C. Webb. 2006. “The Changing Nature of Manufacturing in OECD Economies.” STI Working Paper Series, OECD.
D. Pilat, and A. Wölfl. 2005. “Measuring the Interaction between Manufacturing and Services.” OECD STI working paper no. 5.
R. Prebisch 1959. “Commercial Policy in the Underdeveloped Countries.” American Economic Review 49 (2): 251–273.
R. Rios-Morales, and D. O’Donovan. 2006. “Can the Latin American and Caribbean Countries Emulate the Irish Model on FDI Attraction?” CEPAL Review 88: 49–66.
D. Rodrik 2007. “Industrial Development: Some Stylized Facts and Policy Directions.” In Industrial Development for 21st Century, edited by Department of Economic and Social Affairs, United Nations, 7–29. New York: United Nations.
S. Shishido, M. Nobukuni, K. Kawamura, T. Akita, and S. Furukawa. 2000. “An International Comparison of Leontief Input-Output Coefficients and Its Application to Structural Growth Patterns.” Economic Systems Research 12 (1): 45–64.
P. B. Siegel, T. G. Johnson, and J. Alwang. 1995. “Regional Economic Diversity and Diversification.” Growth and Change 26 (2): 261–284.
A. J. G. Simoes, and C. A. Hidalgo. 2011. “The Economic Complexity Observatory: An Analytical Tool for Understanding the Dynamics of Economic Development.” Paper presented at the Twenty-Fifth AAAI Conference on Artificial Intelligence, San Francisco, August 7–11.
H. W. Singer 1950. “The Distribution of Gains between Borrowing and Investing Countries.” American Economic Review 40 (2): 473–485.
G. Starosta 2010. “The Outsourcing of Manufacturing and the Rise of Giant Global Contractors: A Marxian Approach to Some Recent Transformations of Global Value Chains.” New Political Economy 15 (4): 543–563.
J. M. Szyrmer 1986. “Measuring Connectedness of Input–Output Models: 2. Total Flow Concept.” Environment and Planning A 18 (1): 107–121.
D. Taglioni, and D. Winkler. 2016. Making Global Value Chains Work for Development. New York: The World Bank.
A. P. Thirlwall 1991. “Professor Krugman’s 45-Degree Rule.” Journal of Post Keynesian Economics 14 (1): 23–28.
A. P. Thirlwall 1999. Growth and Development: With Special Reference to Developing Economies. London: Macmillan.
M. P. Timmer, E. Dietzenbacher, B. Los, R. Stehrer, and G. J. Vries. 2015. “An Illustrated User Guide to the World Input–Output Database: The Case of Global Automotive Production.” Review of International Economics 23 (3): 575–605.
A. B. Trigg 2020. “Thirlwall’s Law and Uneven Development under Global Value Chains: A Multi-country Input–Output Approach.” Journal of Economic Structures 9 (1): 1–22.

Comments

Comment on this article

[1] B. Amable, and B. Verspagen. 1995. “The Role of Technology in Market Shares Dynamics.” Applied Economics 27 (2): 197–204.

[2] J. Amador, and S. Cabral. 2009. “Vertical Specialization across the World: A Relative Measure.” North American Journal of Economic Finance 20 (3): 267–280.

[3] J. Amador, and S. Cabral. 2016. “Global Value Chains: A Survey of Drivers and Measures.” Journal of Economic Survey 30 (2): 278–301.

[4] J. Amador, and F. Di Mauro. 2015. “The Age of Global Value Chains: Maps and Policy Issues.” Report of Centre for Economic Policy Research (CEPR).

[5] J. Bair 2005. “Global Capitalism and Commodity Chains: Looking Back, Going Forward.” Competition Change 9 (2): 153–180.

[6] A. Borin, and M. Mancini. 2017. “Follow the Value Added: Tracking Bilateral Relations in Global Value Chains.” MPRA paper no. 82692, University Library of Munich, Germany.

[7] H. Chen, M. Kondratowicz, and K.-M. Yi. 2005. “Vertical Specialization and Three Facts about US International Trade.” North American Journal of Economic Finance 16 (1): 35–59.

[8] X. Chen, L. K. Cheng, K. C. Fung, L. J. Lau, Y. W. Sung, K. Zhu, C. Yang, J. Pei, and Y. Duan. 2012. “Domestic Value Added and Employment Generated by Chinese Exports: A Quantitative Estimation.” China Economic Review 23 (4): 850–864.

[9] K. Cheng, S. Rehman, D. Seneviratne, and S. Zhang. 2015. “Reaping the Benefits from Global Value Chains.” International Monetary Fund working paper, no. WP/15/204.

[10] M. Cimoli, A. Primi, and M. Pugno. 2006. “A Low-Growth Model: Informality as a Structural Constraint.” CEPAL Review 28: 85–102.

[11] S. S. Cohen, and J. Zysman. 1988. “Manufacturing Innovation and American Industrial Competitiveness.” Science 239 (4844): 1110–1115.

[12] E. Davar 2016. “Marx and Input-Output Analysis and General Equilibrium Theory.” World Review of Political Economy 7 (1): 127–144.

[13] Y. Duan, E. Dietzenbacher, X. Jiang, X. Chen, and C. Yang. 2018. “Why Has China’s Vertical Specialization Declined?” Economic Systems Research 30 (2): 178–200.

[14] G. Economakis, G. Androulakis, and M. Markaki. 2015. “Profitability and Crisis in the Greek Economy (1960–2012): An Investigation.” In Greek Capitalism in Crisis: Marxist Analyses, edited by S. Mavroudeas, 130–152. London: Routledge.

[15] G. Economakis, M. Markaki, and A. Anastasiadis. 2015. “Structural Analysis of the Greek Economy.” Review of Radical Political Economics 47 (3): 424–445.

[16] G. Economakis, M. Markaki, G. Androulakis, and A. Anastasiadis. 2018. “Imperialist Exploitation and Crisis of the Greek Economy: A Study.” In Crisis, Movement, Strategy: The Greek Experience, edited by P. Sotiris, 40–66. Leiden and Boston: Brill.

[17] European Commission. 2009. EU Industrial Structure 2009: Performance and Competitiveness. Luxembourg: European Commission.

[18] Eurostat. 2014. Eurostat Indicators of High-tech Industry and Knowledge-Intensive Services. Luxembourg: European Commission.

[19] J. Fagerberg 1988. “International Competitiveness.” The Economic Journal 98 (391): 355–374.

[20] J. Felipe, and U. Kumar. 2011. “Unit Labor Costs in the Eurozone: The Competitiveness Debate Again.” Levy Economics Institute working paper no. 65.

[21] T. Fotopoulos 1985. Dependent Development: The Greek Case. Athens: Exantas.

[22] R. Hausmann, C. A. Hidalgo, S. Bustos, M. Coscia, A. Simoes, and M. A. Yildirim. 2014. The Atlas of Economic Complexity: Mapping Paths to Prosperity. Cambridge, MA: MIT Press.

[23] R. Hausmann, and B. Klinger. 2007. “The Structure of the Product Space and the Evolution of Comparative Advantage.” Research Report of Center for International Development at Harvard University.

[24] R. Hilferding 1981. Finance Capital. London: Routledge and Kegan Paul.

[25] A. O. Hirschman 1958. “Interdependence and Industrialization.” In The Strategy of Economic Development, edited by A. O. Hirschman, 98–119. New Haven: Yale University Press.

[26] A. O. Hirschman 1989. “Linkages.” In Economic Development, edited by J. Eatwell, M. Milgate, and P. Newman, 210–221. New York: W.W. Norton and Company.

[27] D. Hummels, J. Ishii, and K. M. Yi. 2001. “The Nature and Growth of Vertical Specialization in World Trade.” Journal of International Economics 54 (1): 75–96.

[28] J. Humphrey, and H. Schmitz. 2002. “How Does Insertion in Global Value Chains Affect Upgrading in Industrial Clusters?” Regional Studies 36 (9): 1017–1027.

[29] F. Ilzkovitz, A. Dierx, O. Galgau, and K. Leib. 2009. “Trade Performance and Structural Competitiveness Developments in the Euro Area: Are Member States Equipped to Meet the Globalisation Challenges of the 21st Century.” Accessed March 1, 2021 . http://research.stlouisfed.org/conferences/integration/Galgau-paper.pdf.

[30] J. Imbs, and R. Wacziarg. 2003. “Stages of Diversification.” American Economic Review 93 (1): 63–86.

[31] R. C. Johnson 2014. “Five Facts about Value-Added Exports and Implications for Macroeconomics and Trade Research.” Journal of Economic Perspectives 28 (2): 119–142.

[32] R. C. Johnson 2018. “Measuring Global Value Chains.” Annual Review of Economics 10: 207–236.

[33] R. C. Johnson, and G. Noguera. 2012. “Accounting for Intermediates: Production Sharing and Trade in Value Added.” Journal of International Economics 86 (2): 224–236.

[34] R. Koopman, Z. Wang, and S. J. Wei. 2012. “Estimating Domestic Content in Exports When Processing Trade Is Pervasive.” Journal of Development Economics 99 (1): 178–189.

[35] P. Krugman 1989. “Differences in Income Elasticities and Trends in Real Exchange Rates.” European Economic Review 33 (5): 1031–1046.

[36] H. D. Kurz, and N. Salvadori. 2000. “‘Classical’ Roots of Input-Output Analysis: A Short Account of Its Long Prehistory.” Economic Systems Research 12 (2): 153–179.

[37] S. Lall 2000. “The Technological Structure and Performance of Developing Country Manufactured Exports, 1985–98.” Oxford Development Studies 28 (3): 337–369.

[38] W. Leontief 1986. Input-Output Economics. New York: Oxford University Press.

[39] B. Los, M. P. Timmer, and G. J. de Vries. 2016. “Tracing Value-Added and Double Counting in Gross Exports: Comment.” American Economic Review 106 (7): 1958–1966.

[40] J. L. Love 1980. “Raul Prebisch and the Origins of the Doctrine of Unequal Exchange.” Latin American Research Review 15 (3): 45–72.

[41] R. E. Miller, and P. D. Blair. 2009. Input-Output Analysis: Foundations and Extensions. Cambridge: Cambridge University Press.

[42] L. Miotti, and F. Sachwald. 2003. “Co-operative R&D: Why and with Whom? An Integrated Framework of Analysis.” Research Policy 32 (8): 1481–1499.

[43] S. Miroudot, and M. Ye. 2020. “Decomposing Value Added in Gross Exports.” Economic Systems Research 33 (1): 1–21.

[44] P. Newbold, W. Carlson, and B. Thorne. 2013. Statistics for Business and Economics. Boston: Pearson.

[45] A. Nurbel 2007. “The Global Competitiveness of the Nation: A Conceptual Discussion.” Journal of Business & Economics Research 5 (10): 63–72.

[46] J. Ocampo 1986. “New Developments in Trade Theory and LDCs.” Journal of Development Economics 22 (1): 129–170.

[47] OECD. 1992. Technology and the Economy: The Key Relationships. Paris: OECD Publishing.

[48] OECD. 2019. “Guide to OECD’s Trade in Value Added (TiVA) Indicators, 2018 Edition.” https://www.oecd.org/sti/ind/tiva/TiVA2018_Indicators_Guide.pdf.

[49] W. Peres 2006. “The Slow Comeback of Industrial Policies in Latin America and the Caribbean.” CEPAL Review 28: 67–83.

[50] S. Petralia, P.-A. Balland, and A. Morrison. 2017. “Climbing the Ladder of Technological Development.” Research Policy 46 (5): 956–969.

[51] D. Pilat, A. Cimper, K. B. Olsen, and C. Webb. 2006. “The Changing Nature of Manufacturing in OECD Economies.” STI Working Paper Series, OECD.

[52] D. Pilat, and A. Wölfl. 2005. “Measuring the Interaction between Manufacturing and Services.” OECD STI working paper no. 5.

[53] R. Prebisch 1959. “Commercial Policy in the Underdeveloped Countries.” American Economic Review 49 (2): 251–273.

[54] R. Rios-Morales, and D. O’Donovan. 2006. “Can the Latin American and Caribbean Countries Emulate the Irish Model on FDI Attraction?” CEPAL Review 88: 49–66.

[55] D. Rodrik 2007. “Industrial Development: Some Stylized Facts and Policy Directions.” In Industrial Development for 21st Century, edited by Department of Economic and Social Affairs, United Nations, 7–29. New York: United Nations.

[56] S. Shishido, M. Nobukuni, K. Kawamura, T. Akita, and S. Furukawa. 2000. “An International Comparison of Leontief Input-Output Coefficients and Its Application to Structural Growth Patterns.” Economic Systems Research 12 (1): 45–64.

[57] P. B. Siegel, T. G. Johnson, and J. Alwang. 1995. “Regional Economic Diversity and Diversification.” Growth and Change 26 (2): 261–284.

[58] A. J. G. Simoes, and C. A. Hidalgo. 2011. “The Economic Complexity Observatory: An Analytical Tool for Understanding the Dynamics of Economic Development.” Paper presented at the Twenty-Fifth AAAI Conference on Artificial Intelligence, San Francisco, August 7–11.

[59] H. W. Singer 1950. “The Distribution of Gains between Borrowing and Investing Countries.” American Economic Review 40 (2): 473–485.

[60] G. Starosta 2010. “The Outsourcing of Manufacturing and the Rise of Giant Global Contractors: A Marxian Approach to Some Recent Transformations of Global Value Chains.” New Political Economy 15 (4): 543–563.

[61] J. M. Szyrmer 1986. “Measuring Connectedness of Input–Output Models: 2. Total Flow Concept.” Environment and Planning A 18 (1): 107–121.

[62] D. Taglioni, and D. Winkler. 2016. Making Global Value Chains Work for Development. New York: The World Bank.

[63] A. P. Thirlwall 1991. “Professor Krugman’s 45-Degree Rule.” Journal of Post Keynesian Economics 14 (1): 23–28.

[64] A. P. Thirlwall 1999. Growth and Development: With Special Reference to Developing Economies. London: Macmillan.

[65] M. P. Timmer, E. Dietzenbacher, B. Los, R. Stehrer, and G. J. Vries. 2015. “An Illustrated User Guide to the World Input–Output Database: The Case of Global Automotive Production.” Review of International Economics 23 (3): 575–605.

[66] A. B. Trigg 2020. “Thirlwall’s Law and Uneven Development under Global Value Chains: A Multi-country Input–Output Approach.” Journal of Economic Structures 9 (1): 1–22.