Abstract
This chapter starts laying the conceptual root of circular economy (CE) by reviewing the various school of thoughts and the underpinning principles. Particularly, the operationalization of the circular economy concepts can be explained drawing from policymaking and different industrial ‘R’ activities. To further explore how circular economy contributes to the state of sustainability-as-flourishing, this chapter explains the notion of flourishing as a promising path towards sustainability, and also discusses the pros and cons of circular economy in contrast to shifts needed for flourishing. Specifically, circular economy significantly moves the world towards the next level of sustainability because (1) CE looks beyond eco-efficiency; (2) CE delivers the sustainable value; (3) CE is concerned with the resilience for ecosystem; (4) CE connects with the natural system. Whilst the imperfection of circular economy as a sustainability strategy comes from its scarcity of social dimension and the potential energy inefficiency. To this end, this chapter develops a four-dimensional conceptual model used as a lens to re-envision the sustainability, by drawing the path of sustainability-as-CE and the path towards sustainability-as-flourishing. Assisted with the conceptual model, this chapter investigates five crucial aspects of sustainability and identifies solutions for decision-makings for researchers, policymakers, and practitioners.
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