SOCIO-ECONOMIC IMPACTS OF CIRCULAR BUSINESS MODELS: A COMPREHENSIVE LITERATURE REVIEW
Keywords:
Socio-economic Impact, Circular Business Model, Comprehensive Literature ReviewAbstract
This research aims to explore the social and economic impacts of implementing circular business models through a comprehensive literature review. Circular business models offer solutions to address sustainability challenges, by promoting the principles of recycling, reuse and waste reduction to optimise resources. The review shows that this approach contributes to economic sustainability by creating efficiencies in the value chain, while introducing opportunities for technological innovations that support better resource management. Moreover, from a social perspective, circular business models can create quality jobs, promote community empowerment, and reduce social inequality. However, the implementation of this model faces a number of challenges, such as organisational resistance, large investment needs, and complex policy adaptations. Thus, while the circular business model has great potential for positive impact, it requires cross-sector collaboration for successful implementation.
Downloads
References
Bocken, N. M., De Pauw, I., Bakker, C., & Van Der Grinten, B. (2016). Product design and business model strategies for a circular economy. Journal of Industrial and Production Engineering,33 (5), 308-320. https://doi.org/10.1080/21681015.2016.1172124
Ellen MacArthur Foundation. (2015). Towards a circular economy: Business rationale for an accelerated transition.
Galvan, J. L., & Galvan, M. C. (2017). Writing Literature Reviews: A Guide for Students of the Social and Behavioural Sciences (7th ed.). Routledge.
Geissdoerfer, M., Savaget, P., Bocken, N. M. P., & Hultink, E. J. (2017). The Circular Economy-A new sustainability paradigm? Journal of Cleaner Production, 143, 757–768.
Geng, Y., Sarkis, J., & Bleischwitz, R. (2019). How to globalise the circular economy. Nature,565 (7738), 153-155. https://doi.org/10.1038/d41586-019-00017-z
Ghisellini, P., Cialani, C., & Ulgiati, S. (2016). A review on circular economy: The expected transition to a balanced interplay of environmental and economic systems. Journal of Cleaner Production, 114, 11–32.
Green, B. N., Johnson, C. D., & Adams, A. (2006). Writing Narrative Literature Reviews for Peer-Reviewed Journals: Secrets of the Trade. Journal of Chiropractic Medicine, 5(3), 101–117.
Kalmykova, Y., Sadagopan, M., & Rosado, L. (2018). Circular economy-From review of theories and practices to development of implementation tools. Resources, Conservation and Recycling,135 , 190-201. https://doi.org/10.1016/j.resconrec.2017.10.034
Kirchherr, J., Reike, D., & Hekkert, M. (2017). Conceptualising the circular economy: An analysis of 114 definitions. Resources, Conservation and Recycling, 127, 221–232.
Korhonen, J., Honkasalo, A., & Seppälä, J. (2018). Circular economy: The concept and its limitations. Ecological Economics, 143, 37–46.
Lieder, M., & Rashid, A. (2016). Towards circular economy implementation: A comprehensive review in the context of manufacturing industry. Journal of Cleaner Production, 115, 36–51.
Lüdeke-Freund, F., Gold, S., & Bocken, N. M. P. (2019). A review and typology of circular economy business model patterns. Journal of Industrial Ecology, 23(1), 36–61.
Merli, R., Preziosi, M., & Acampora, A. (2018). How do scholars approach the circular economy? A systematic literature review. Journal of Cleaner Production,178 , 703-722. https://doi.org/10.1016/j.jclepro.2017.12.112
Millar, N., McLaughlin, E., & Börger, T. (2019). The circular economy: Swings and roundabouts? Ecological Economics, 158, 11–19.
Moraga, G., Huysveld, S., Mathieux, F., Blengini, G. A., Alaerts, L., Van Acker, K., de Meester, S., & Dewulf, J. (2019). Circular economy indicators: What do they measure? Resources, Conservation and Recycling, 146, 452–461.
Murray, A., Skene, K., & Haynes, K. (2017). The circular economy: An interdisciplinary exploration of the concept and application in a global context. Journal of Business Ethics, 140(3), 369–380.
Pieroni, M. P. P., McAloone, T. C., & Pigosso, D. C. A. (2019). Business model innovation for circular economy and sustainability: A review of approaches. Journal of Cleaner Production, 215, 198–216.
Prieto-Sandoval, V., Jaca, C., & Ormazabal, M. (2018). Towards a consensus on the circular economy. Journal of Cleaner Production, 179, 605–615.
Rizos, V., Behrens, A., Van der Gaast, W., Hofman, E., Ioannou, A., Kafyeke, T., Flamos, A., Rinaldi, R., Papadelis, S., Hirschnitz-Garbers, M., & Topi, C. (2016). Implementation of circular economy business models by small and medium-sized enterprises (SMEs): Barriers and enablers. Sustainability,8 (11), 1212. https://doi.org/10.3390/su8111212
Rizos, V., Tuokko, K., & Behrens, A. (2017). The circular economy: A review of definitions, processes and impacts (Issue No 2017/8). CEPS Research Report.
Schroeder, P., Anggraeni, K., & Weber, U. (2019). The relevance of circular economy practices to the sustainable development goals. Journal of Industrial Ecology, 23(1), 77–95.
Stahel, W. R. (2016). The circular economy. Nature, 531(7595), 435–438.
Torraco, R. J. (2005). Writing Integrative Literature Reviews: Guidelines and Examples. Human Resource Development Review, 4(3), 356–367.
Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a Methodology for Developing Evidence-Informed Management Knowledge by Means of Systematic Review. British Journal of Management, 14(3), 207–222.
