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A New Theme For Production: Industry 4.0

Author

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  • Sinan ALÇIN

    (İstanbul Kültür Üniversitesi/TÜRKİYE)

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.

Suggested Citation

  • Sinan ALÇIN, 2016. "A New Theme For Production: Industry 4.0," JOURNAL OF LIFE ECONOMICS, Holistence Publications, vol. 3(2), pages 19-30, April.
    • Handle: RePEc:jle:journl:v:3:y:2016:i:2:p:19-30
    DOI: 10.15637/jlecon.129
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    Keywords

    Industry 4.0 Production Virtualization;

    JEL classification:

    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software

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