Co-evolutions in global decoupling: Learning from the global semiconductor industry
INTERNATIONAL BUSINESS REVIEW(2023)
Abstract
Discussion of deglobalization in recent years appears to be focused on decoupling the People's Republic of China (PRC) from the US-led global value chains (GVCs). While country policies co-evolve with one another in decoupling, firm strategic responses co-evolve with government policies. In this study, we explore key co -evolutionary conditions of reciprocally coupled ecosystems, diversity and selective stress in the context of the global semiconductor industry. We apply co-evolutionary constructs of bidirectional causality, qualitatively new system, and niche specialization to make sense of adaptive responses of third-party manufacturers (Taiwanese foundry businesses) in the US-PRC decoupling. Our study posits that a third-party manufacturer can survive, and even enhance their strategic and competitive advantages, despite political disruptions in international markets. Third-party manufacturers can engage in symbolic decentralization and balancing strategies with regard to their manufacturing locations in their co-evolutions with the policy changes during the US-PRC decoupling.
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Key words
Adaptive responses,Co-evolutionary theory,De-globalization,Global value chains,Semiconductor industry,Taiwanese foundry business,Third-parcty,US-PRC decoupling
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