The concept of Global Value Chains (GVCs) provides a pragmatic and parsimonious framework as we seek answers to questions about the dynamic organisation of global industries. In this paper, I discuss the evolution of GVC, the framework, especially the motivations for supplementing the 'buyer-driven' and 'producer-driven' modes of Global Commodity Chain (GCC) governance developed by Gary Gereffi in the 1990s with an industry-neutral, non-empirical framework. I go on to briefly present the features of the GVC governance framework, and lay out its interdisciplinary theoretical underpinnings. I then provide more detail on the most novel form of GVC governance, value chain modularity. Finally, I point out the need to develop new metrics to map GVCs and propose a generic classification of business functions to accomplish this.