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Circular Economy

Definition

A circular economy is a production system designed to minimize the use of resources in production and to reduce unwanted negative externalities from manufacturing processes including waste, emissions, and energy leakages. Such an approach is differentiated from linear production approaches that are built on the premise of “take-make-consume and dispose” (Camilleri, 2019; EU, 2014) that presume that resources are abundant, available, and easily disposed of.

A circular economy can be achieved by remanufacturing, refurbishing, reusing, and recycling resources and repairing goods and resources that were consumed in production or use, so safeguarding the natural environment. It is essentially a long-lasting closed loop product service system (EMF, 2013). It is a system that balances economic development with environmental and resource protection. It leads to higher operational efficiencies through both responsible production and consumption behaviors (UNEP, 2006).

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Correspondence to Benedict Sheehy .

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Camilleri, M.A., Sheehy, B., Fraser, K. (2022). Circular Economy. In: Idowu, S., Schmidpeter, R., Capaldi, N., Zu, L., Del Baldo, M., Abreu, R. (eds) Encyclopedia of Sustainable Management. Springer, Cham. https://doi.org/10.1007/978-3-030-02006-4_399-1

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  • DOI: https://doi.org/10.1007/978-3-030-02006-4_399-1

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  • Print ISBN: 978-3-030-02006-4

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