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Circular economy in Bosnia and Herzegovina

Year 2023, Volume: 5 Issue: 1, 35 - 39, 30.06.2023
https://doi.org/10.58251/ekonomi.1287906

Abstract

The degradation of the environment is one of the most urgent challenges today. Since the industrial revolution, we have only known the model of linear economy that deals with the relationship between growth and consumption with the creation of large amounts of waste. As an alternative, a new the concept of the modern economy, the circular economy. The underlying assumptions of such a system are characterized by a tendency towards efficient use, and recycling and re-use of resources as it would limit the negative environmental impacts of the economy, while reducing costs in economic activities with the aim of economic growth. Our goal in this paper is to highlight the role and significance of the circular economy (CE) and natural resources in the process of creation of competitive advantages in a globally connected world as well as in Bosnia and Herzegovina. Our companies have preferred the mass production method of material wealth based on the mass consumption of natural resources as the main economic development method while pursuing high economic growth and maximum economic profit. These days, this economic development method faces various limitations. Many problems, such as mass generation of wastes exceeding the natural purification capacity, enormous damage environment, deepening of natural disasters and global warming, various disputes surrounding natural resources. This analysis highlights that the use of CE tools can help economic policy makers and researchers to take into account the impact on the environment during strategic planning activities and projections of economic growth in BiH.

References

  • Arruda, E.H. (2021). Circular economy: A brief literature review (2015–2020), Sustainable Operations Computers 2, 79-86 .
  • Beveridge, R., and S. Guy (2005) The Rise of the Eco-preneur and the Messy World of Env. Innovation, Local Environment 10.6: 665-76.
  • Bringezu, S., Ramaswami, A., Schandl, H. and al (2017). Assessing global resource use: a system approach to resourceefficiency and pollution reduction.
  • Džafić, Z. and Omerbasić, A., (2018a). Innovativness in Bosnian small and medium sized Enterprises. Economic Review Journal of Economics and Business, 16 (1), 7-22.
  • Džafić, Z. and i Šišić Topalović, A. (2018b). The influence of the business environment on the microeconomic competitiveness of the dairy industry in Bosnia and Herzegovina. Ekonomski vjesnik, 31 (2), 305-318 https://hrcak.srce.hr/214410.
  • Džafić, Z. (2015a). Entrepreneurship and SMEs in transition economies - the case of Western Balkan Countries, REDETE, Conference proceedings of the Fourth International Conference: Economic Development And Entrepreneurship In Transition Economies: Assessment of the last 25 years, going beyond the `transition` , Karl-Franzens-Universität Graz, Faculty of Economcs Banja Luka, Graz Austria, 481-497, (http://www.redete.org /doc/Fourth-REDETE-Conference_web.pdf).
  • Džafić. Z. (2015b). Patterns of growth and development of the BiH economy – Small and Medium versus Large companies, Third International conference, FINCONSULT, Fojnica, Proceedings, 462-484.
  • Džafić, Z. (2014). Business environment – The Case of Western Balkan countries, Economic Review J. of Economics and Business, Vol. 12 (2).
  • European Commission (2022). Measuring Progress towards Circular Economy in the European Union—Key Indicators for a Monitoring Framework. Ec.europa.eu/https://ec.europa.eu/environment/circular-economy/pdf/new_circular_ economy_action_plan.pd
  • Hart, J. (2006). The New Capitalists: Is it Possible to Make Moey and Really Make a Difference?, Utne 135, 39-43.
  • Işık, C., Simionescu, M., Ongan, S., Radulescu, M., Yousaf, Z., Rehman, A., ... & Ahmad, M. (2023). Renewable energy, economic freedom and economic policy uncertainty: New evidence from a dynamic panel threshold analysis for the G-7 and BRIC countries. Stochastic Environmental Research and Risk Assessment, 1-16. https://doi.org/10.1007/s00477-023-02452-x
  • Kamberović, S and al (2020). Gap analiza mogućnosti za ekonomsko jačanje primenom održivih poslovnih modela nakon pandemije covid-19 u Republici Srbiji, Misija OEBS-a u Srbiji, 75.
  • Kirchherr, J., Reike, D. and Hekkert, M. (2017). Conceptualizing the circular economy: An analysis of 114 definitions. Resour. Conserv. Recycl, 221–232.
  • Lacy, P. and Rutqvist, J. (2015). The Roots of the Circular Economy, In Waste to Wealth; Palgrave Macmillan London, UK, 19–23. Parrish, B.D. (2006). Beyond Cleaner Production Entrepreneurship and the Design of Sustainable Enterprise, International Conference on Green and Sustainable Innovation, Chiang Mai, Thailand, 237.
  • Stefan W., (2015). Planetary boundaries: guiding human development on a changing planet, 347, 223, https://science.sciencemag.org/content/347/6223/125985.
  • Tatić, K., Džafić, Z., Haračić, M. and Haračic, M., (2020). The benefits of using cloud technology in Bosnia and Herzegovina , Journal of Ekonomi 04, 91–97, https://dergipark.org.tr/ekonomi.
  • Tatić, K., Rovčanin, A. and Dzafic, Z., (2006). Globalization, Competitiveness and Environment, Economic research, Faculty of Economics and Tourism, Pula, 19 (2), 29-40, https://hrcak.srce.hr.
  • Tilley, F. (2007). Conceptualising Sustainability Entrepreneurship, First World Symposium on Sustainable Entrepreneurship, University of Leeds, UK.
  • Topliceanu, L. (2023). Analysis Regarding the Implementation of the Circular Economy in Romania, Sustainability, 15 (1), 333, Basel, Switzerland.

Circular economy in Bosnia and Herzegovina

Year 2023, Volume: 5 Issue: 1, 35 - 39, 30.06.2023
https://doi.org/10.58251/ekonomi.1287906

Abstract

The degradation of the environment is one of the most urgent challenges today. Since the industrial revolution, we have only known the model of linear economy that deals with the relationship between growth and consumption with the creation of large amounts of waste. As an alternative, a new the concept of the modern economy, the circular economy. The underlying assumptions of such a system are characterized by a tendency towards efficient use, and recycling and re-use of resources as it would limit the negative environmental impacts of the economy, while reducing costs in economic activities with the aim of economic growth. Our goal in this paper is to highlight the role and significance of the circular economy (CE) and natural resources in the process of creation of competitive advantages in a globally connected world as well as in Bosnia and Herzegovina. Our companies have preferred the mass production method of material wealth based on the mass consumption of natural resources as the main economic development method while pursuing high economic growth and maximum economic profit. These days, this economic development method faces various limitations. Many problems, such as mass generation of wastes exceeding the natural purification capacity, enormous damage environment, deepening of natural disasters and global warming, various disputes surrounding natural resources. This analysis highlights that the use of CE tools can help economic policy makers and researchers to take into account the impact on the environment during strategic planning activities and projections of economic growth in BiH.

References

  • Arruda, E.H. (2021). Circular economy: A brief literature review (2015–2020), Sustainable Operations Computers 2, 79-86 .
  • Beveridge, R., and S. Guy (2005) The Rise of the Eco-preneur and the Messy World of Env. Innovation, Local Environment 10.6: 665-76.
  • Bringezu, S., Ramaswami, A., Schandl, H. and al (2017). Assessing global resource use: a system approach to resourceefficiency and pollution reduction.
  • Džafić, Z. and Omerbasić, A., (2018a). Innovativness in Bosnian small and medium sized Enterprises. Economic Review Journal of Economics and Business, 16 (1), 7-22.
  • Džafić, Z. and i Šišić Topalović, A. (2018b). The influence of the business environment on the microeconomic competitiveness of the dairy industry in Bosnia and Herzegovina. Ekonomski vjesnik, 31 (2), 305-318 https://hrcak.srce.hr/214410.
  • Džafić, Z. (2015a). Entrepreneurship and SMEs in transition economies - the case of Western Balkan Countries, REDETE, Conference proceedings of the Fourth International Conference: Economic Development And Entrepreneurship In Transition Economies: Assessment of the last 25 years, going beyond the `transition` , Karl-Franzens-Universität Graz, Faculty of Economcs Banja Luka, Graz Austria, 481-497, (http://www.redete.org /doc/Fourth-REDETE-Conference_web.pdf).
  • Džafić. Z. (2015b). Patterns of growth and development of the BiH economy – Small and Medium versus Large companies, Third International conference, FINCONSULT, Fojnica, Proceedings, 462-484.
  • Džafić, Z. (2014). Business environment – The Case of Western Balkan countries, Economic Review J. of Economics and Business, Vol. 12 (2).
  • European Commission (2022). Measuring Progress towards Circular Economy in the European Union—Key Indicators for a Monitoring Framework. Ec.europa.eu/https://ec.europa.eu/environment/circular-economy/pdf/new_circular_ economy_action_plan.pd
  • Hart, J. (2006). The New Capitalists: Is it Possible to Make Moey and Really Make a Difference?, Utne 135, 39-43.
  • Işık, C., Simionescu, M., Ongan, S., Radulescu, M., Yousaf, Z., Rehman, A., ... & Ahmad, M. (2023). Renewable energy, economic freedom and economic policy uncertainty: New evidence from a dynamic panel threshold analysis for the G-7 and BRIC countries. Stochastic Environmental Research and Risk Assessment, 1-16. https://doi.org/10.1007/s00477-023-02452-x
  • Kamberović, S and al (2020). Gap analiza mogućnosti za ekonomsko jačanje primenom održivih poslovnih modela nakon pandemije covid-19 u Republici Srbiji, Misija OEBS-a u Srbiji, 75.
  • Kirchherr, J., Reike, D. and Hekkert, M. (2017). Conceptualizing the circular economy: An analysis of 114 definitions. Resour. Conserv. Recycl, 221–232.
  • Lacy, P. and Rutqvist, J. (2015). The Roots of the Circular Economy, In Waste to Wealth; Palgrave Macmillan London, UK, 19–23. Parrish, B.D. (2006). Beyond Cleaner Production Entrepreneurship and the Design of Sustainable Enterprise, International Conference on Green and Sustainable Innovation, Chiang Mai, Thailand, 237.
  • Stefan W., (2015). Planetary boundaries: guiding human development on a changing planet, 347, 223, https://science.sciencemag.org/content/347/6223/125985.
  • Tatić, K., Džafić, Z., Haračić, M. and Haračic, M., (2020). The benefits of using cloud technology in Bosnia and Herzegovina , Journal of Ekonomi 04, 91–97, https://dergipark.org.tr/ekonomi.
  • Tatić, K., Rovčanin, A. and Dzafic, Z., (2006). Globalization, Competitiveness and Environment, Economic research, Faculty of Economics and Tourism, Pula, 19 (2), 29-40, https://hrcak.srce.hr.
  • Tilley, F. (2007). Conceptualising Sustainability Entrepreneurship, First World Symposium on Sustainable Entrepreneurship, University of Leeds, UK.
  • Topliceanu, L. (2023). Analysis Regarding the Implementation of the Circular Economy in Romania, Sustainability, 15 (1), 333, Basel, Switzerland.
There are 19 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Articles
Authors

Zijad Dzafic 0000-0002-1567-891X

Admir Omerbašić 0009-0008-3388-0709

Early Pub Date June 21, 2023
Publication Date June 30, 2023
Submission Date April 27, 2023
Published in Issue Year 2023 Volume: 5 Issue: 1

Cite

APA Dzafic, Z., & Omerbašić, A. (2023). Circular economy in Bosnia and Herzegovina. Journal of Ekonomi, 5(1), 35-39. https://doi.org/10.58251/ekonomi.1287906

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