The Transition From Industry 4.0 To Industry 5.0. The 4Cs Of The Global Economic Change

Abstract

When it comes about the 21st-century economy, we admit that we are still accustomed to the usage of the economic models in order to create a sustainable development of the economy, disregarding the fact that industrialization constantly replaces them with redesigned ones, developed by artificial intelligence and algorithms, paradoxically creating both stability and instability, which is why we are at the confluence of two revolutions in the attempt to generate global balance. The Fourth Industrial Revolution, 4.0, based on strategies regarding the technical vision of the economy’s future, and The Fifth Industrial Revolution, 5.0, the one of Personification, which announces a new paradigm whose keyword is coopetition. The collision of these two revolutions will produce changes capable of recognizing the worthiness of human capital. Forthwith, the society is built under the smart city concept, based on digitalization and algorithms, but with fewer implications from the emotional economy side, which is at the core of economic growth and development. Therefore, the purpose of this article is to highlight the importance of the personified economics impact in the new world economics through the implementation of the 4C’s rule: critical thinking, communication, collaboration, and creativity.