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To understand how to stimulate growth and generate jobs for today, policy makers and stakeholders need to understand how and where production occurs. Today’s global marketplace is characterised by a growing interconnectedness and fragmentation of production into global value chains – where at each stage, value is created that we can now increasingly measure. In parallel, value is increasingly embedded in knowledge-driven activities, like software and databases; innovative property; and economic competencies. Global value chains and the rise of knowledge-based capital raise a host of policy issues.