The Impact Factors of the Fourth Industrial Revolution on the Current Social Development

Abstract

This article deals with the impact factors of the fourth industrial revolution on social development The authors carried out an institutional analysis and identified the changes in the institutional environment of the consumer market. They described the institutional transformations of the consumer market caused by the opportunities and restrictions associated with the fourth industrial revolution. The research identifies the constraints for the development of the fourth industrial revolution in the Russian Federation. It describes the role of governmental policies in the destruction due to the sharing economy. The authors also identified the risks associated with the changes in the legal framework under the influence of new industrial technologies. A conclusion is made concerning the importance of preserving the traditional notion of consumer protection despite the introduction of new regulation methods, and the positive role of laws that promote customers’ trust towards products, services, and business models developed during the fourth industrial revolution. The authors also identify the most complicated areas in terms of setting up regulations and the legal framework in the context of a new industrial age.