The introduction discusses the concept of globalization and its impact on the international economy, highlighting the uneven distribution of benefits within and between societies. It emphasizes the importance of value chains in understanding global economic integration, particularly in sectors like garments, electronics, and agricultural commodities. The role of lead firms, which are predominantly located in developed countries, in shaping these chains is highlighted. The text also outlines the challenges in value-chain analysis, including overlapping terminology, lack of clear operationalization of concepts, and the need for a well-defined theoretical framework. The Bellagio workshop, which brought together researchers from various institutions, aimed to address these challenges and develop a common framework for value-chain research. The workshop covered topics such as types of chains, spatial scales, governance, industrial upgrading, and measurement, with a focus on practical applications and policy implications. The participants agreed on concrete steps to advance value-chain research, including creating a public website, producing detailed statements, developing training materials, and continuing research projects.The introduction discusses the concept of globalization and its impact on the international economy, highlighting the uneven distribution of benefits within and between societies. It emphasizes the importance of value chains in understanding global economic integration, particularly in sectors like garments, electronics, and agricultural commodities. The role of lead firms, which are predominantly located in developed countries, in shaping these chains is highlighted. The text also outlines the challenges in value-chain analysis, including overlapping terminology, lack of clear operationalization of concepts, and the need for a well-defined theoretical framework. The Bellagio workshop, which brought together researchers from various institutions, aimed to address these challenges and develop a common framework for value-chain research. The workshop covered topics such as types of chains, spatial scales, governance, industrial upgrading, and measurement, with a focus on practical applications and policy implications. The participants agreed on concrete steps to advance value-chain research, including creating a public website, producing detailed statements, developing training materials, and continuing research projects.