LOCAL CONSEQUENCES OF GLOBAL PRODUCTION PROCESSES
讨论了技术进步导致的生产碎片化（即“第二次解绑”）及其在全球金融危机和贸易崩溃中显现的本地集群、政府财政和住房后果。
ABSTRACT The financial crisis of 2008 not only started the Great Recession, but also set off fundamental changes in production processes, government fiscal practices, and housing. Technological progress has enabled firms to outsource and offshore parts of the production process, leading to a fragmentation of global value chains. We briefly discuss this “second unbundling,” global versus regional fragmentation and some of the consequences that became visible during the Great Recession's trade collapse. We discuss the consequences for some local clusters, both from a theoretical and empirical perspective, and some consequences for government fiscal health and housing from an American perspective.