The main components of the circular economy relate to its restorative and regenerative design which aims to reduce the amount of waste and energy by closing loops and thus reducing the level of leaks and emissions (Ellen MacArthur Foundation 2017a; Moreno et al 2016; Braungart and McDonough 2009). This requires a production design which assesses where these leaks and emissions occur and how these can be reduced or eliminated (Ellen MacArthur Foundation 2017a; Pauli 2017; Moreno et al 2016). In addition to this, issues such as maintenance, repair, reuse, remanufacturing, refurbishing and recycling are made more robust to not only ensure that these take place but to ensure that there is a higher volume of activity in these areas (Ellen MacArthur Foundation 2017a; Pauli 2017; Moreno et al 2016; Braungart and McDonough 2009).
The academic research as regards the circular economy has included an evaluation of specific areas of this concept such as closed loop value and supply chains (Govindan et al 2015); circular business models (Bocken et al 2016; Moreno et al 2016); and circular product design (Pauli 2017). These different approaches to the Circular Economy arguably mirror the different approaches to operations management where there is a drive towards the reduction of waste in the operations process through continuous improvement and focusing on the business priorities (Jacobs and Chase 2017; Slack et al 2016). The development and adaptation of the Circular Economy into these variations on the approach also provide the opportunity for a business to find a model which is contextually appropriate for its operations and this may assist a business in becoming more motivated to apply this to its operations (Pauli 2017; Geissdoerfer et al 2017).
2.3 Similarities and differences between the concepts of sustainability and the circular economy
The concepts of sustainability and the Circular Economy share a number of similarities and differences. Firstly, these similarities are based upon the global nature of the concepts due to the activities of one country having an impact on another, for example, the shipment of waste from the developed worked to the developing world (Lewis and Maslin 2018; Mulvihill and Harris Ali 2017; Moreno et al 2016). Secondly, these similarities also extend to concerns with the current model of production, consumption and technology which are not only having a negative impact on this generation, but, based upon these current patterns, will also detrimentally impact on future generations (Lewis and Maslin 2018; Geissdoerfer et al 2017; Moreno et al 2016). However, these production and consumption patterns also provide the opportunity for areas of competitive advantages which have yet to be fully explored (Geissdoerfer et al 2017). These areas may also be supported by global initiatives such as the Sustainable Development Goals which provide activities for businesses to address as part of its strategic operations which may assist in supporting development areas (United Nations Sustainable Development Goals 2019). Thirdly, these similarities also emphasise the importance of the need to provide higher levels of integration between the environment, society and economy which will require a systems-led approach rather than merely seeing the issue of sustainability as being an add-on or a tick box exercise (Lewis and Maslin 2018; Mulvihill and Harris Ali 2017; Geissdoerfer et al 2017).
In contr
