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Circular Economy Essentials
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Author(s): Dung Truong (The Business School, RMIT University, Vietnam), Kien Nguyen Duc (University of Economics, Hue University, Vietnam)and Nguyen Cong Dinh (University of Economics, Hue University, Vietnam)
Copyright: 2024
Pages: 26
Source title:
Navigating the Circular Age of a Sustainable Digital Revolution
Source Author(s)/Editor(s): Umair Tanveer (University of Exeter, UK & Ho Chi Minh City University of Economics and Finance, Ho Chi Minh City, Vietnam), Shamaila Ishaq (University of Derby, UK), Truong Quang Huy (RMIT University, Vietnam)and Thinh Gia Hoang (RMIT University, Vietnam)
DOI: 10.4018/979-8-3693-2827-9.ch001
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Abstract
In an era of escalating environmental concerns and finite resources, the concept of the circular economy emerges as a transformative paradigm, shifting the global economy from its traditional linear trajectory of “take-make-dispose” to a regenerative and restorative model. This chapter examines foundational principles of the CE, tracing its historical evolution from early sustainability efforts to the integration of modern Industry 4.0 technologies like blockchain, the internet of things, and artificial intelligence. These technological advancements are crucial for enabling the transition, enhancing resource efficiency, reducing waste, and fostering innovative business models. Through literature reviews and case studies, the chapter illustrates the multifaceted benefits of the CE, and addresses the substantial challenges and barriers to full-scale implementation. Thus, it underscores the necessity for a collaborative approach among policymakers, businesses, and consumers to drive systemic change towards sustainability.
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