This economic analysis investigates the regionalization of global value chains, especially in manufacturing. Deindustrialization historically involved shifting manufacturing jobs from developed countries to populous emerging economies like China. Since the mid-2010s, this trend reversed: global manufacturing employment is declining while offshoring decreases significantly in Europe and North America. The rise of nearshoring and reshoring indicates global value chains are becoming more regional, slowing the pace of deindustrialization in developed economies and redefining global market organization.

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