This chapter assesses the transformation posed by Industry 4.0 technologies to local productive systems of small and medium-sized enterprises (SMEs). The expected transformation is multi-level in nature and can be explored considering four technological challenges related to renewed models of value creation and redistribution. Depending on whether and how opportunities are seized, and threats defeated, systems of SMEs may embark on new paths of manufacturing renaissance and socio-economic development. In this regard, the authors introduce some economic and institutional issues related to the opportunities and threats that need to be addressed to implement place-based integrated industrial policies working at the intersection between technological change and territories.
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