ABSTRACT
The COVID-19 pandemic represents a major disturbance that has rippled across the world's population, states, economy, and central nervous system or global production networks transforming the traditional roles of states, firms, individuals/consumers, and geographies of production. This paper offers a critical and context-based approach to understanding globalization and localization by challenging the conceptualization of 'value' and 'risk' within the current global production networks framework as well as identifying key operational strategies in risk management and national security. An analysis of the adaptation strategies of the GPNs of 91 companies identifies the role played by four different forms of value in configuring production networks. This is to balance 'economic value' with non-price-based sources of value and alternative values. The analysis underscores the critical role of the state in ensuring national and human security as well as its increasing power as a key actor in GPNs and the global economy.