This issue of Agriculture and Development Notes proposes a human-centric model for understanding how value chain actors interact beyond simple transactions. It introduces four layers of exchange in value chains: functional, co-opetitive, affinitive, and transformational. Drawing from the Inclusive Value Chains Philippines project, the publication shows how business relationships, cooperation, social bonds, trust, innovation, and development interventions shape participation and governance in agricultural value chains. It challenges firm-centered and linear approaches to value chain analysis by recognizing that value is not only economic but also social, cultural, political, and environmental. This note is relevant to researchers, policymakers, agribusinesses, and development practitioners working on value chain governance, inclusive agricultural markets, and farmer-centered development interventions.