1. Introduction : setting the stage -- 2. From peak to trough -- 3. The trade finance confusion : tales of capital, finance, credit and trade -- 4. The international value chain myth -- 5. Protectionism is just around the corner! -- 6. An alternative hypothesis : the forgotten role of trade...

Global supply chains reshaped international trade since the 1980s. Their role in explaining the trade collapse that followed the financial crisis of September 2008 was determinant. Because manufacture production is internationally fragmented, adverse external shocks affect firms not only through...