This book offers valuable insights into the reconfiguration of Global Value Chains (GVCs) in manufacturing industries and the diverse managerial responses at the firm level. Focusing on small and medium-sized enterprises (SMEs) from developed economies, the authors explore key intersections between firm strategies, competitiveness, and value-chain analysis, presenting new directions for both managerial practice and research. In response to the rapidly evolving global landscape, the book argues that manufacturing industries must reconfigure into shorter, more regionalized GVCs to improve resilience, balance cost efficiency with sustainability, and better withstand external shocks. The authors analyze three major trends: reshoring (bringing production back home), SMEs' upgrading within GVCs with a focus on social and environmental improvements, and the rise of governance structures rooted in trust and relational capital. By offering in-depth studies of the featured SMES, the book provides guidelines for redesigning strategies and public policies that enhance SMEs' performance in the modern global context.