The Formation of a New Model of International Production and Finance in the Context of Industry 4.0
摘要
The paper provides a detailed analysis of the main features of the world’s economic development. The authors explore the crisis agenda and focus on the problems that together form the process of changing in its current model. The authors give grounds for changes in the traditional production processes, logistics, consumption, and finance, resulting in a new model as a new combination of progressive forms of economic relations in the context of Industry 4.0, which is an objective process of economic and technological progress of the world community and digitalization and is a way of its development. Simultaneously, it is shown how the previous model loses its effectiveness; it is expressed in the total factorial return decrease and economic paternalism increase. It is noted that the systemic crisis of 2008 became the boundary of the model change of the world economy and a starting base for the transition to an open phase. A long period of low interest rates and the actual pumping of the financial system with unsecured liquidity was the result of the attempt to overcome the crisis. The authors explain how manufacturers built up new projects relying on cheap credit, including the industries of the previous model. The main triggers of the current system are international protectionism, supply chain disruptions, and delayed inflationary effects due to high global debt and supply shocks.