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Industrial Policy: A New Reality in the Context of Digital Transformation of the Economy

In: Digital Transformation in Industry

Author

Listed:
  • Olga A. Romanova

    (Institute of Economics of the Ural Branch of the Russian Academy of Sciences)

  • Evgeny Kuzmin

    (Institute of Economics of the Ural Branch of the Russian Academy of Sciences
    Ural State University of Economics)

Abstract

The latest technological and globalization trends have entailed a sharp increase in various regulatory functions, which enhances the content and significance of state industrial policy. Amid these conditions, it is becoming increasingly important to identify the key features of a new reality that determine the necessity for industrial policy to be adjusted under digital transformation. We hypothesize that the transformation of the priorities, goals and economic content of industrial policy is due to a new reality affected by changing core factors of technological development, the influence of recent globalization trends, and the growing importance of human capital. The fourth industrial revolution, globalization and human capital are believed to be the major drivers of today’s economic development, despite the differences in their institutional nature. Their combined impact provides a new direction for the development of industrial policy and encourages the formation of a system of public instruments for supporting priority industrial areas. The driving force of today’s economy is not only technology or the production sector, but also sophisticated organizational-economic models and advanced mechanisms for coordinating manufacturers based on a cross-platform network business model. Addressing the experience of developed and developing countries, we demonstrate the changing importance of production factors transforming industrial policy. The study substantiates the need for a proactive industrial policy that takes into account economic and social interests.

Suggested Citation

  • Olga A. Romanova & Evgeny Kuzmin, 2021. "Industrial Policy: A New Reality in the Context of Digital Transformation of the Economy," Lecture Notes in Information Systems and Organization, in: Vikas Kumar & Jafar Rezaei & Victoria Akberdina & Evgeny Kuzmin (ed.), Digital Transformation in Industry, pages 13-23, Springer.
    • Handle: RePEc:spr:lnichp:978-3-030-73261-5_2
    DOI: 10.1007/978-3-030-73261-5_2
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    Cited by:

    1. Lucia Kohnová & Nikola Salajová, 2023. "Impact of Industry 4.0 on Companies: Value Chain Model Analysis," Administrative Sciences, MDPI, vol. 13(2), pages 1-13, January.
    2. Gulizhaer Aisaiti & Qi Dong & Ling Liang & Jiqing Xie & Jiaping Xie, 2022. "How the Target Positioning of the S&T Innovation Platform Impacts Its Network Innovation Capability in China," Sustainability, MDPI, vol. 15(1), pages 1-29, December.

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