THE CHALLENGES OD THE FOURTH INDUSTRIAL REVOLUTION AND CONSEQUENCES ON INTERNATIONAL ECONOMY

Univerzitet u Istočnom Sarajevu, Fakultet poslovne ekonomije Bijeljina, Bijeljina, Republika Srpska, Bosna i Hercegovina
Bosnia and Herzegovina

Master studij, Fakultet poslovne ekonomije Bijeljina, Bijeljina, Republika Srpska, Bosna i Hercegovina
Bosnia and Herzegovina


Abstract

The fourth industrial revolution is actually a continuation of the third industrial revolution - the digital industrial revolution. It affects all industries around the world and overall international economy, as such, and very quickly creates major changes in a non-linear and irreversible manner. This revolution is linked to the following topics artificial intelligence, robotics, Internet stuff, 3D printers, nanotechnologies, biotechnology, energy storage, quantum computing and others. Occurrence of these technological discoveries will not only change the way we work, but also the interaction between us and the way we live. The main aim of this paper is to present the main characteristics of this revolution, compare it with the previous ones, describe positive and negative sides and analyse consequences on the flows of international economy. Therefore, the impact of the fourth industrial revolution depends on how well we anticipate and implement positive sides in the individuals` everyday life, but also on the level of global international economic interaction.

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