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Several Dimensions of Innovation, Technology and Industry 4.0

Edited By Fatih Ayhan

With the development of the industry, both social lives and economies have been significantly affected. Together with the Industry 4.0 revolution, significant changes have occurred in both the social life and the production process. As a result, different sectors are affected by this change. With this book, successful researches have been carried out by expert academics in a wide range of fields from finance to marketing and tourism to foreign trade, etc.

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1.6 Creative Destruction, Fourth Industrial Revolution, and the European Union

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Altuğ Günar

1.6   Creative Destruction, Fourth Industrial Revolution, and the European Union

Abstract: The notion and theory of creative destruction are significant in interpreting technological developments. The term was theorized by Schumpeter and was associated with innovations. New technologies shaped in the context of the term Industry 4.0 show that a new creative destruction process will be experienced. In terms of the European Union integration process where economic factors are very important, adaptation to the 4th industrial revolution is essential. When the creative process of destruction, which is to take place with the 4th industrial revolution, is considered, the European Union needs to abandon its economically ineffective structures and establish an Industry 4.0-friendly economy and activate the creative destruction process within the integration. In this context, the aim of this study is to examine Industry 4.0 based on Schumpeter’s theory of creative destruction and to examine the steps the European Union takes with regards to the fourth industrial revolution. The study examines the developments in the fourth industrial revolution in the European Union from the idea that the process of the 4th industrial revolution can be dealt with by the theory of creative destruction.

Keywords: Schumpeter, Creative Destruction, Industry 4.0, EU 2020, European Union

JEL Codes; 030, 032, 033

Introduction

To put it concisely, the term creative destruction means the replacement of old technologies with new technologies and the disruption of the usual technological cycle in a...

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