The Circular Economy

When production resources are considered significant economic variables, the circular economy (CE) is viewed as a closed-loop economic system. It is a sustainable development strategy based on limited resources that addresses urgent problems of environmental degradation and resource scarcity and depletion. This study gives the definitions of such a strategy by thoroughly reviewing the growing research literature on the subject. Additionally, the paper reviews the rapidly growing body of literature on CE, examining its concepts and current practices and evaluating its implementation. Comparing the CE concept with the current linear economy of obtaining materials; producing, distributing, and consuming goods; and discarding waste reveals why a shift to regenerative sustainable industrial development with a closed-loop is necessary. It also compares CE with concepts like the Green Supply Chain Management in an effort to better understand their constituent dimensions. Additionally, while expressing the difficulties inherent in developing such a strategy, the paper examines the prospects and impediments to its development