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Are countries ready for the new meso revolution? Testing the waters for new industrial change in Korea

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  • Kim, Junmo

Abstract

Capitalism needs momentum and market for growth. Even without subscribing to a specific academic school, capitalism has felt the need for theories or mechanisms to overcome crises in the past. This research tries to shed light on the recent momentum of industry 4.0 with an expanded scope that includes this wave in a series of meso revolutions brought about by the spread of capitalism. After reviewing a lineage of theories that could shape meso revolutions in economic history, this research used Bank of Korea's data, including total capital efficiency and machinery investment efficiency, to check the recent status of the private sector of Korea. An institutional review of the preliminary budget analysis adopted in Korea was then conducted to draw some implications for the country's preparedness toward the so-called industry 4.0 with potential implications for other countries.

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  • Kim, Junmo, 2018. "Are countries ready for the new meso revolution? Testing the waters for new industrial change in Korea," Technological Forecasting and Social Change, Elsevier, vol. 132(C), pages 34-39.
    • Handle: RePEc:eee:tefoso:v:132:y:2018:i:c:p:34-39
    DOI: 10.1016/j.techfore.2017.11.006
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    3. Culot, Giovanna & Orzes, Guido & Sartor, Marco & Nassimbeni, Guido, 2020. "The future of manufacturing: A Delphi-based scenario analysis on Industry 4.0," Technological Forecasting and Social Change, Elsevier, vol. 157(C).
    4. Marco Savastano & Carlo Amendola & Francesco Bellini & Fabrizio D’Ascenzo, 2019. "Contextual Impacts on Industrial Processes Brought by the Digital Transformation of Manufacturing: A Systematic Review," Sustainability, MDPI, vol. 11(3), pages 1-38, February.
    5. Mariani, Marcello & Borghi, Matteo, 2019. "Industry 4.0: A bibliometric review of its managerial intellectual structure and potential evolution in the service industries," Technological Forecasting and Social Change, Elsevier, vol. 149(C).
    6. Buhari Doğan & Oana M. Driha & Daniel Balsalobre Lorente & Umer Shahzad, 2021. "The mitigating effects of economic complexity and renewable energy on carbon emissions in developed countries," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(1), pages 1-12, January.
    7. Petar Radanliev & David Roure & Pete Burnap & Omar Santos, 2021. "Epistemological Equation for Analysing Uncontrollable States in Complex Systems: Quantifying Cyber Risks from the Internet of Things," The Review of Socionetwork Strategies, Springer, vol. 15(2), pages 381-411, November.
    8. Tao, Ran & Su, Chi-Wei & Xiao, Yidong & Dai, Ke & Khalid, Fahad, 2021. "Robo advisors, algorithmic trading and investment management: Wonders of fourth industrial revolution in financial markets," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
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