Industry 5.0: Quo Vadis? Challenges and Concerns for Future Development

Olga Buchinskaia
Additional contact information
Olga Buchinskaia: Institute of Economics of the Ural Branch of the Russian Academy of Sciences

A chapter in The Future of Industry, 2024, pp 39-53 from Springer

Abstract: Abstract The movement towards a new socio-technological order within Industry 5.0 is determined by the acceleration of scientific and technological progress and the development of new computer technologies. It focuses on the interaction of man and machine and implements the UN Sustainable Development Goals (SDGs), including improving the welfare of the population and caring for the environment. This study addresses the challenges arising in the transition to Industry 5.0 and identifies the consequences that humanity may face if these challenges are ignored. The author uses ecosystem and value analysis, analytical tools of economic theory, political economy, and narrative analysis of papers related to Industry 5.0. As a result, we identified ten basic challenges that arise within the transition to Industry 5.0 and defined possible negative scenarios that appear as part of these challenges. Those scenarios may not increase but instead reduce human welfare within Industry 5.0. We suggest that a careful revision of the strategy for the transition towards Industry 5.0 is needed in order to eliminate the negative effects of changes in employment, wealth, education, medical services, ecology, etc. arising from the impact of new technologies. We need to enforce processes that increase the well-being of all members of society, with an emphasis on ethics, respect for property relations, and the prevention of a rise in various types of inequality.

Keywords: Industry 5.0; Regional inequality; Digital inequality; Ethics; Property (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:lnichp:978-3-031-66801-2_4

Ordering information: This item can be ordered from
http://www.springer.com/9783031668012

DOI: 10.1007/978-3-031-66801-2_4

Access Statistics for this chapter

More chapters in Lecture Notes in Information Systems and Organization from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().