SHS Web Conf.
Volume 74, 2020The 19th International Scientific Conference Globalization and its Socio-Economic Consequences 2019 – Sustainability in the Global-Knowledge Economy
|Number of page(s)
|Economic Sustainability in Emerging Markets
|10 January 2020
Cyclic Economy in a Globalized World
Department of world and national economy, Voronezh State Forestry Engineering University Named after G.F. Morozov, 8 Timiryazeva Street, Voronezh 394087, Russian Federation
The article is devoted to solving the problems of the development of a cyclical economy in the conditions of globalization, since the further development of society while maintaining the current growth rates of production and consumption with increasing population can lead to a global catastrophe. The traditional development model is based on intensive industrial growth and resource-intensive infrastructure. In a global cyclical economy, it is necessary to separate economic growth from resource consumption, focusing on preserving value in order to protect ecosystems and natural capital. The aim of the work is to develop tools for the transition to a cyclical economy in the context of globalization. The research methodology is based on an analysis of international and national legislation, scientific publications and ongoing projects for building elements of a cyclical economy. To model the development of cyclical development in the context of globalization, economic opportunities are identified based on specific indicators and identified barriers for which solutions and policy options are developed. For the practical implementation of the ideas of a cyclical economy, government measures are needed to overcome institutional, economic and political barriers. The transition to a cyclical economy leads to an increase in transaction costs, uncertainty, opportunistic behavior. The concept of a cyclical economy is global in nature and represents a systemic shift that shapes long-term sustainability, creates economic opportunities and provides environmental and social benefits.
© The Authors, published by EDP Sciences, 2020
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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