Proceedings of The International Virtual Conference on Social Sciences
Circular economy as a footpath for regional development in European Union
Konstantina Ragazou and George Sklavos
Current linear economic model is an one-way system, based on a take, make and dispose approach. Through the years, this model became anachronistic and the European Union took the decision to replace it in 2014, by implementing a long-term action plan with the necessary financial support from European funds. Transformation of economic model started in 2016 and enhanced with “Green Agenda” agreement in 2020.Circular economy is a systemic approach to economic growth, planned to improve corporate activities, society, and the environment. It is characterized as an economic model that introduces prevention, re-use, recycling and recovery in life cycle of products. It intends to change the production process, strengthen the supply chain management, expand digital technology and achieve development for the whole region of European Union. Innovation, network urbanisation and sustainable development are critical factors for the success of this new model.The purpose of the research is to highlight the contribution of circular economy in European countries through a systematic literature review. Identification of appropriate bibliography, selection and critical appraisal of references lead to specify the impact of circular economy in businesses, consumers, environment and economy. This impact is characterized as positive, because of the economic growth in comparison with the development in quality of citizen’s life, protection of environment and increase of income.
Keywords: Circular economy, Regional development, Impact, Sustainability, Growth.