Analysis of Green Economy Dimension in the Context of Circular Economy: The Case of Baltic Sea Region

The circular economy is based on the synergy of economic, environmental and social dimensions on -micro, -meso and -macro levels. Integration of circular economy would help to shift from a linear economy, which promotes "take-make-waste" industrial model to a more effective economic system that is based on business models, which replace the "end-of-life" concept with reducing, alternatively reusing, recycling and recovering materials in production/distribution and consumption processes. This alternative model would encourage producers to develop innovative solutions to reduce production waste, be in the line of "green" production and resourceeffi cient usage. A circular economy would help to solve problems of resource shortage, negative environmental impact, production and consumption waste by developing closer relationships between suppliers, manufacturers, retailers and consumers.