What is a circular economy, what are some of the key principles, Essay

What is a circular economy, what are some of the key principles, concepts and building blocks and what system shifts might be needed to bring it about at scale - Essay Example This report deals with the analysis of a circular economy by considering the main principles and challenges associated with this kind of economy, by assessing the benefits and need of this kind of economy and by discussing how this economy has already been implemented by some nations cross the world. For this purpose, evidences are drawn for Jamaica and the Caribbean regions to understand the exact proposition and need of a circular economy. The report is suitably concluded by highlighting and summarizing the key findings and supporting the arguments as presented in favour of the need to shift from the traditional industrial economy framework to a circular industrial economy framework. The circular economy can perhaps be best explained by drawing a parallel of this economy with the traditional linear economy that is currently existent in the industrial domains. In the current economic system, the companies and industries tend to extract resources from the ecosystem at an accelerating pace and then use them into the manufacturing and production processes to make products that are usually disposed after some time of use (Lowitt, 2008). This approach seems to be efficient from the perspective of an organization or an individual. However, if observed from a global and holistic view, then this approach would seem to be highly unsustainable and hazardous for the future of the ecosystem and the planet (McDonough, Braungart and Clinton, 2013). Therefore in order to help the organizations, ecosystem and the industries to survive, an economic system should be developed that would operate within the natural and planetary boundaries. The concept of the circular economy is dev eloped on the basis of the idea of decoupling the prosperity and growth of the organizations and industries through the use of the ecosystem and natural resources with the concern