Concerning the Necessity for Political Economy of the Internet of Things

The present article examines one of the most important technologies of the Fourth Industrial Revolution, known as “Internet of things”. “Internet of things” is the creation of a variety of “smart” devices around us based on the data they collect and analyze, which allows much more optimal planning and implementation of a growing number of processes without human intervention. This is how all material objects are gradually becoming “smart”. Along with other technologies of the Fourth Industrial Revolution – like 3D printers, robots, digital platforms, artificial intelligence, big data, etc. – by constantly interacting with them, “Internet of things” is creating a synergy effect which has a growing significance for the development of modern economies and imposes changes with regards to the political regulation of contemporary states. This is why the approach applied in this article is politicoeconomic, based on the prerequisite that technological jumps lead to changes in economy, politics and their interaction. The logic of analysis is following this approach, progressively examining the emergence, development, and the application of “Internet of things, economic, and the political consequences of their introduction.