A NEW THEME FOR PRODUCTION: INDUSTRY 4.0

Sinan Alã‡in ()
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Sinan Alã‡in: Ä°stanbul Kültür Ãœniversitesi/TÃœRKÄ°YE

JOURNAL OF LIFE ECONOMICS, 2016, vol. 3, issue 2, 19-30

Abstract: In recent years, concept of Industry 4.0 and the possible effects of this concept on the manufacturing and service industries are one of the top priority topic on the agenda of developed free market economies and multinational corporations which create the links of the international value chains. This new process is also known as the 4th Industrial Revolution is the next level in automation. Industry 4.0 connect every tool, machine and sensors that is involved in the manufacturing process to organize the process simultaneously by connecting them via internet. With this new form of industry, the necessary data for manufacturing processes will be stored in the cloud servers thus possibly help the process to surpass the strictness of time and location. With the embracement of advance engineering and full integration of systems provided by Industry 4.0, high value-added manufacturing competition will take the place of low labor cost manufacturing. Understanding Industry 4.0 and integration of it in local industries will help the developing countries to get their parts in the international division of labor. In this study, the basic characteristics and possible effects of the conceptualized Industry 4.0 since 2011 is being discussed.

Keywords: Industry; 4.0; Production; Virtualization (search for similar items in EconPapers)
JEL-codes: L23 L52 L86 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:jle:journl:v:3:y:2016:i:2:p:19-30

DOI: 10.15637/jlecon.129

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