Towards a New Definition of Governance for Structural Change: Analysis of the Soybean Value Chain in Argentina

Abstract

Governance is the central concept in the analysis of global value chains (GVC). However, attempts to draw policy recommendations for development from this approach assign it a secondary role. By integrating theoretical approaches, this article highlights the relevance of governance for the distribution of rents and productive dynamics in contemporary capitalism, considering the crucial role of knowledge in capital valorization. With these elements, the article provides a new definition of governance that encompasses aspects of coordination and command. The relevance of the new definition is illustrated with the case of the soybean value chain in Argentina. The findings highlight additional challenges for designing public policies aimed at structural change. On one hand, current frameworks present obstacles that must be overcome; on the other hand, industrial policy and science and technology policy need to be complemented with strategies and policies focused on fostering autonomous governance capacities.