2022 (19), №1

From the Third Technological Revolution to the Fourth: An Overview of Contemporary Theoretical Approaches and Concepts

For citation: 

Maltsev, A. A. (2022). From the Third Technological Revolution to the Fourth: An Overview of Contemporary Theoretical Approaches and Concepts. AlterEconomics, 19(1). 131-146. https://doi.org/10.31063/AlterEconomics/2022.19-1.8.

Abstract:

The article describes the evolution of the theoretical concept of industrial transformation in the era of modern economic growth. Analysis of contemporary research literature brings to light the key perspectives on the role of industry in sustainable development and the influence of industrial changes on the global business cycles. Special emphasis is made on the concepts of third and fourth industrial revolutions in Russian and international research and the associated concepts such as “technological change”, “technological revolution”, and “innovation”. Among other things, the study discusses the difference between the Schumpeterian interpretation of long waves of economic growth and the concept of sequential change of techno-economic paradigms proposed by Carlota Perez. The conclusion is made that although economists may disagree about the sources and features of technological transformations as well as the problems they engender, the role of technology is generally seen as crucial to global structural changes. Regarding the Russian context, it is shown that as the centre of the global economy is shifting to the East, it is essential that the country’s government should stop fetishizing particular spheres of technological progress.

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Andrei A. MALTSEV, Dr. Sci. (Econ.), Professor, Institute of Economics of the Ural Branch of the RAS, 29, Moskovskaya St., Ekaterinburg, 620214, Russian Federation, e-mail: maltsevaa@list.ru. https://orcid.org/ 0000-0002-3774-6311

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