Title: The 4th industrial revolution and digital transformation: changes and challenges

Authors: Elena B. Zavyalova; Marina V. Safronchuk; Anastasia E. Burzhinkaya

Addresses: Department of Economic Policy and Public-Private Partnership, Moscow State Institute for International Relations (MGIMO University), 76, Prospect Vernadskogo, Moscow 119454, Russia ' Department of Applied Economics, Moscow State Institute for International Relations (MGIMO University), 76, Prospect Vernadskogo, Moscow 119454, Russia ' Applied Research Center of the Department of Economic Policy and Public-Private Partnership, Moscow State Institute for International Relations (MGIMO University), 76, Prospect Vernadskogo, Moscow 119454, Russia

Abstract: The idea of this article is to identify through theoretical analyses the difference and main features of the digital economy that is emerging in the course of digital transformation. We justify the necessity for institutional transformation, to consider possible responses to the challenges that the 4th industrial revolution poses for business and government. We contemplate not only the advantages and benefits of basic digital technologies in their usage, but also identify problems and difficulties that arise in the form of external effects of digitalisation. The reader acquaints with the results of the methodological development of the conceptual foundations of the new economic theory, reflecting the influence of basic digital technologies on the organisation of society, on the economic mechanism principles, and on the interaction of business, buyers (households) and the government.

Keywords: the 4th industrial revolution; big data; blockchain; artificial intelligence; AI; additive technologies; 3D printing; 4D printing; digital transformation; digital economy; institutional transformation.

DOI: 10.1504/IJEPEE.2022.126619

International Journal of Economic Policy in Emerging Economies, 2022 Vol.16 No.2/3/4, pp.417 - 433

Received: 11 Dec 2019
Accepted: 07 Nov 2020
Published online: 31 Oct 2022 *

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