Institutional Value Chains in the International Economy JEL: D46; F23; F6; K33 УДК: 339.94; 334.75

Abstract

In most studies of global value chains (GVCDS), the emphasis is mainly on the study of technological, productionand trade relations, leaving the institutional aspects of such interactions at the periphery of scientific analysis asexogenous factors on the principle of «ceteris paribus.» Moreover, the achievements of various areas of moderninstitutional economic theory show the superficiality and limitation of approaches that do not take into accountinstitutional factors, which ultimately cannot offer constructive, and most importantly, real proposals for solvingthe problems of strategic development of domestic enterprises within the framework of the GVCDS.Based on the theorem of R. Coase and its macroeconomic statement by T. Eggertsohn, a global approach isformulated that interprets its basic principles and mechanisms from the standpoint of the participation of economicentities in the NCCA. At the same time, the global economy is very heterogeneous in its structure and dynamics,fragmented into regional and organizational blocks with its own «rules of the game» norms and greatly differentiatedin terms of transaction costs and business conditions. On this basis, a hypothesis is being developed, accordingto which the role of institutional factors, manifested in the form of distribution of power and property rights,implementation of international law and the activities of international organizations, is, in fact, very significant inthe formation of the competitive advantages of enterprises within the framework of the GCCDS.It is concluded that the participation of business entities in the GVCDS contributes to intensive economic growth,provided that a balanced private-state partnership is achieved in the country to ensure an effective institutionaland transactional infrastructure at the international level.