Evolutionary State-Private Partnerships in the Electronics Global Value Chain (GVC) of the Asian Developmental State

Shin, Wonkyu; Choi, Changyong

doi:2025.40.4.605

The Journal of Economic Integration 2025 December;40(4) :605-630.
DOI: https://doi.org/10.11130/jei.2025024

Evolutionary State-Private Partnerships in the Electronics Global Value Chain (GVC) of the Asian Developmental State

Wonkyu Shin¹, Changyong Choi²

¹Korea Economic Research Institute, Seoul, Republic of Korea
²Seoul National University, Seoul, Republic of Korea

Corresponding Author: Changyong Choi ,Email: cychoi22@snu.ac.kr

ABSTRACT

This study proposes a novel state-private partnership model to support the Just-in-Value (JIV) paradigm—offered as a strategic alternative to traditional Just-in-Time (JIT) and Just-in-Case (JIC) approaches amid global value chain (GVC) restructuring under re-globalization. JIV prioritizes long-term value creation through innovation-led, trust-based collaboration between the state and the private sector. Through comparative case studies of Singapore, Thailand, and China, this study identifies three key drivers of domestic value capture from FDI: political stability, coherent policy frameworks, and strong innovation ecosystems. Singapore exemplifies a "strategic orchestrator" model, successfully internalizing high-value activities via sustained public-private coordination. Thailand's fragmented governance and weak private sector integration have hindered its upgrading. China has retained significant domestic value through strong state-led coordination with unconventional non-market policies but now faces growing constraints amid escalating U.S.-China tensions and global market decoupling. These findings highlight the need for Asian developmental states to transition toward more adaptive, trust-based public-private partnerships—ones that not only respond to global uncertainties but also empower the private sector to take a leading role in fostering sustainable, innovation-driven economic growth.

JEL Classification

F14: Empirical Studies of Trade
F15: Economic Integration
F23: Multinational Firms; International Business
O25: Industrial Policy
R58: Regional Development Planning and Policy