The circular economy and regional economic development

This research paper examines the concept of a closed economy and its potential to promote sustainable regional development through the implementation of circular economy principles. The paper reviews the existing literature on the topic, highlighting the benefits of a circular economy for regional economic development and strategies for its implementation. Case studies from the Netherlands, Finland, Scotland, and Russia are presented to demonstrate successful initiatives and their positive impacts on economic growth and environmental sustainability. The paper also discusses the challenges and opportunities of implementing circular economy principles in regions, as well as the role of government policy in supporting this transition. The findings suggest that a circular economy can provide significant economic, environmental, and social benefits, and that it is crucial for governments to create policies that support and incentivize the adoption of circular business models. The paper concludes with recommendations for further research on this topic.