Circular economy as a strategy of regional and local development

Abstract

The processes of circular economy are based on reusing and recycling of sources, materials and products in order to ensure three-dimensional sustainable development - ecosystem (natural capital), economic (product and financial capital), human well-being (social and human capital). At the same time, the objectives of a circular economy developing mast be incorporated not only in national and sectorial strategies, but also transposed into the objectives of local and regional development’ strategies. It aims the involvement of the product life cycle’ actors - extractors and suppliers of raw materials, designers, manufacturers, distributors, consumers and managers of reuse and recycling processes - to be part of the decision-making process. In such vision, the effect of the circular economy will result from the meeting of “bottom-up” initiatives (specific actions involving local organizations seeking synergy with partners at the same level or wishing to expand or diversify their activities) with “top-down” approaches (planning and coordination to facilitate links between lower level entities). This paper summarizes the vision of the European Union about the future development based on circular economy’ principles, which must be taken by the Republic of Moldova policy makers on the way to the integration of the national economy in the Common European Area. CZU: 332.14:504.06(478); JEL: Q2, R5.