Abstract
Global value chain research has focused on the governance of diffuse modes of production and trade that travel in a single direction, however Circular Economy business models are by definition closed economic systems, where it is possible for two parties to act as both buyers and sellers. How then should Circular Business models be understood within the context of international trade systems? Based on an approach which explores the principles that businesses make decisions to set business strategy and the processes through which businesses establish and build external relationships, this chapter examines the case of MagProtein, a company based in Nigeria that produces protein for animal feed and fertilizer using black soldier flies. This chapter finds that although MagProtein’s business model centered on local production and distribution, improving operational efficiency and scale depended upon the activities and organizations participating in global value chains.