Investment and growth in OECD economies is increasingly driven by intangible or knowledge-based capital (KBC). In many OECD countries, firms now invest as much or more in KBC as they do in physical capital such as machinery, equipment and buildings.
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A joint OECD-WTO initiative on Measuring Trade in Value Added (TiVA) breaks with conventional measurements of trade, which record gross flows of goods and services each time they cross borders. It seeks instead to analyse the value added by a country in the production of any good or service that is then exported, and offers a fuller picture of commercial relations between nations.
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International production, trade and investments are increasingly organised within so-called global value chains (GVCs) where the different stages of the production process are located across different countries. Products are no longer made somewhere, but everywhere. The emergence of GVCs challenges our conventional wisdom on how we look at economic globalisation and in particular, the policies that we develop around it.
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