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Innovation is of critical value in the modern global economy, as it
performs several important economic functions. The first is related
to supporting the sustainability of socio-economic systems,
preventing the emergence of crises and, if they do occur, providing
solutions to overcome their consequences. Secondly, innovation
allows for the activation of economic growth and social progress
through the rationalization of economic activities. Thirdly,
innovation supports the global competitiveness of economic systems,
allowing for the specialization of production and sales of unique
goods that are in high demand in both domestic and global markets.
At the same time, innovational development in economic systems is
required to mitigate the high levels of risk and requires both
effective management and a reliable normative and legal foundation.
This book studies the economic and legal foundations of managing
the innovational development of economic systems from an
interdisciplinary perspective, bringing together the thoughts of
international scholars in management, economics and law.
Industry 4.0 is not only just a new sector of economy-it is a new
technological model of economic development, which will determine
the technical possibilities, organizational philosophies, and
approaches to managing socio-economic systems in the near future.
Signs of the Fourth Industrial Revolution can already be seen in
the most progressive developed and developing countries. However,
despite the high interest of entrepreneurs in the possibilities
that are provided by Industry 4.0, large-scale investment projects
and the adoption of state and national strategies and programs to
facilitate the financing and transition to Industry 4.0, the Fourth
Industrial Revolution is developing very slowly. The reason for
this is the non-systemic character of the implemented initiatives.
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