Vol 7 , Issue 2 , July - December 2020 | Pages: 161-173 | Perspective
Published Online: November 30, 2020
( * ) denotes Corresponding author
Globalization is the phenomenon that gradually integrates the economies through the exchange of capital, goods, manpower, technology and intellect among the nations, which fosters their interdependence around the globe. Since the dawn of time, we have seen three phases of globalization in the national economies. Now we have entered the fourth wave of the industrial revolution ‘Globalization 4.0’ is a fusion of technologies that is erasing the lines between the physical, digital and biological spheres. This article aims at exploring the depth of the ‘Fourth Industrial Revolution’ (4IR) and investigating the dark side of ‘Globalization 4.0’. It also gives some insights into the requirement for its future approach. The study concludes that this revolution will help in developing a new approach to the new economy by transforming the technological system of health, education, communication, production, energy and distribution sector. This transformation is associated with the major challenge of operating the rapid emergence of ecological restraint, the advent of an increasingly multipolar international order, and the rising of inequality.
Globalization 4.0; Fourth Industrial Revolution; Economy.