Smart, Circular, and Competitive Manufacturing Industry as a Key for Enhancing Resilience of the Global Economy

Abstract

Resilience of the economy is related with its ability to cope with the challenges (e.g., economic and environmental crises). Economies need to be resilient as countries having resilient economy can enhance welfare of their people and achieve sustainable development (SD). Total factor productivity can be improved through smart technologies, smart workforce, and innovations. It requires holistic and systematic as well as strategic approach as it is directly related with the SD of the countries and welfare of their people. It is directly related with the policies covering all these main aspects with the long-term, systematic, and holistic view. Resilient economies need to enhance their resilience to keep them resilient despite of the changes which can act as threats in the future. Resilience of the economy necessitates transformation of the manufacturing industry (MI) into the sustainable, smart, circular, and global one. In this way MI's competitiveness can be enhanced. For this reason, based on an in-depth literature review, this chapter aims to examine ways for enhancing resilience of the global economy through smart, circular, and competitive MI. Specific focus is on the policies fostering the transformation of the MI into the sustainable, smart, circular, global, and innovative one. This chapter emphasizes the importance of and need for the productivity-based resilient economy. Policy makers, academics, and researchers in the relevant field can get benefit from this chapter.

Citation

Sertyesilisik, E. and Sertyesilisik, B. (2021), "Smart, Circular, and Competitive Manufacturing Industry as a Key for Enhancing Resilience of the Global Economy", Pal, M.K. (Ed.) Productivity Growth in the Manufacturing Sector, Emerald Publishing Limited, Leeds, pp. 71-82. https://doi.org/10.1108/978-1-80071-094-820211006