Theoretical Approaches to Determining the Circular Economy Essence

The article, based on the analysis of statistical data, substantiates the need to change the paradigm of socio-economic development and transition to a nature-like, environmentally friendly closed-loop economy. The study explores various theoretical approaches to defining the circular economy (CE) as an alternative to the traditional linear economy described in domestic and foreign science literature. The author-developed definition of a circular economy is proposed. The article reveals multidimensional benefits gained due to the introduction of circular economy principles into the real economy. Unified approaches to understanding the CE essence are necessary to determine the directions for further development of the CE concept and the possibilities of its implementation in business processes. The research theoretical background includes national and foreign scientific papers on the issues of closed-loop economy (circular economy) concept development. The data background includes analytical and statistical reports of international and national environmental organizations and governmental and non-governmental entities. Applied methods of informational monitoring and analysis of national and international scientific databases, systemic analysis, synthesis, and pattern identification determine the validity of the conclusions. The results obtained will allow determining the conditions, possible ways, and methods for systemic environmental transformation of economic goods production and consumption processes and for the transition to a closed-loop economy model.