to explain the development of Bangalore’s software industry. In doing so, they create new
insights into not only the processes of value creation and capture, but also the underlying
forms of governance that go beyond popular dichotomies of global corporate power vs. local
powerlessness and buyer-driven vs. producer-driven value chains. The limits of upgrading
become clear in Grote’s and Täube’s paper on financial services in India. Alongside
economic factors impinging on the possibilities of upgrading, they investigate how the
embeddedness of actors and their embodied knowledge is shaping GPNs and thus influencing
the opportunities for local value capture.