o:30032 Industry 4.0 and Paradigm Change in Economics and Business Management en Abstract: The purpose of this chapter is to discuss the impact of change imperative caused by the fourth industrial revolution and new normalities on economy and industrial organizations inside them as well as on society. There is a real threat that the Great Recession from 2008 and counter recession measures exacerbated the global turmoil and diminished capacity to respond adequately on national and company level to new opportunities. Our intention is to offer a conceptual paper. Model of managed capitalism is a reasonable choice for new normalities. Also, we are treating advanced manufacturing as an unavoidable element of new development model for Industry 4.0. We are advocating for “heterodox approach” as a conceptual platform for new economic policies. Also, we will implement this conceptual novelty in case of Serbia giving the framework with concrete vertical and horizontal industrial policies. Key words: Industry 4.0, model of capitalism, new normalities, heterodox approach, industrial policy 1552100 978-3-319-89563-5 2023-06-05T13:37:33.373Z 44 no 46 Dragan Đuričin Iva Vuksanović Herceg Univerzitet u Beogradu Ekonomski fakultet person 13836391 0000-0002-5892-7648 application/pdf 831044 https://phaidrabg.bg.ac.rs/o:30032 no yes 1 70 92000004 11A03 Proceedings of 3rd International Conference on the Industry 4.0 Model for Advanced Manufacturing : AMP 2018 37 56 2018