ABSTRACT
The first chapter aims to introduce the readers to the subject of transformation of the economy in the context of sustainable development. The authors provide a common general framework for industrial revolutions, starting from 1.0 to 5.0, as a consequence of the economic transformation. The next aim of the chapter is to discuss the sustainable transformation of the economy in the face of digital era challenges. A general framework for societal transformation, starting from Society 1.0 to Society 5.0 is also presented. The authors verify the hypothesis that despite the costs, sacrifices, and unforeseen events, individuals, businesses, and countries are on the right path to achieving sustainability. Chapter 1 provides some insights into economic and social challenges and environmental consequences of the Industry 5.0 vision and discusses the need for regulations related to the ongoing digital transformation of the economy and collaboration of all actors. The authors indicate how society aligns itself with sustainable development and verify how consumers may adopt sustainable consumption behaviour in a consistent manner. Additionally, they present the negative effects of society's changing behaviour on sustainability.
