Global Value Chains (GVC) are managed by different types of governance. Explain how the market-based governance operates and what the underlying learning mechanisms are. (5 points) 4.b) How does the modular governance type work? Why might this type of governance be superior to the market-based one? (5 points) 4.c) Argue in what circumstances the relational governance might be more suitable than other types of governance. (5 points) 4.d) What are the pre-conditions for a captive type of governance to emerge? How does technological knowledge transfer occur in this case? (5 points) 4.e.) Analyse and explain the learning mechanisms put in place by GVC Vertical Integration under the hierarchy governance type.