INDUSTRY 5.0: A GOLDEN AGE OR A LEAP INTO THE DARK?

Abstract

Technological innovations of the XXI century are introducing Industry 5.0 into our life, with its special economic characteristics and interfirm activity. The article presents a scientific analysis of the new phenomena generated by Industry 5.0, and the new trends that will determine our economic reality in the next 15–20 years. The robotized mechanistic reality of Industry 4.0 is gradually being replaced by human-oriented, sociocentric, ecological and sustainable human-cobot system, where a human performs the role of a creative participant assisted by a collaborative robot partner. A digital ecosystem is replacing a classical firm, which generates both new possibilities for economic development and new risks in terms of digital monopolization within virtual industries. The optimal balance between profitability and sustainability requires efficient government regulation based on a deep understanding of the nature of Industry 5.0.