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THE CIRCULAR ECONOMY HANDBOOK, REALIZING THE
CIRCULAR ADVANTAGE, BY PETER LACY, JESSICA LONG,
WESLEY SPINDLER, A BOOK REVIEW
Jasmina Bašić1, Ljiljana Jovčić2, Lazar Janić3
*Corresponding author E-mail: basic.jasmina23@gmail.com
A R T I C L E I N F O
Book review Article
Received:25 January 2020
Accepted: 11 March 2020
doi:10.5937/ekoPolj2002601B
UDC 330(035)
A B S T R A C T
The paper prepared in the form of a book review is a review
of the book written by the authors Peter Lacy, Jessica Long
and Wesley Spindler. The book is entitled “The Circular
Economy Handbook, Realizing the Circular Advantage”.
The book was published by Palgrave Macmillan in 2020.
Apart from their academic background, the authors of
the book are world-acknowledged experts experienced
in leading the world’s largest circular economy and
sustainability strategy programs and studies, advising the
senior leaders of the Fortune 500 companies and public
organizations towards zero-waste policies and the circular
economy. The book was written as a support to the effort
made by the World Economic Forum, the Forum of Young
Global Leaders, the Platform for Accelerating the Circular
Economy (PACE) in the development of the circular
economy and the forewords in the book were written by
PACE’s C.E.O. and other program co-founders and the
world-known thought leaders in those specialized elds.
© 2020 EA. All rights reserved.
Keywords:
circular economy, zero waste,
sustainability, linear economy,
business models
JEL: Q01, Q50, Q57
Introduction
Peter Lacy, Jessica Long and Wesley Spindler authored the book entitled “The Circular
Economy Handbook, Realizing the Circular Advantage”. The book is the continuation
of its own kind of the authors’ research, which began with the book entitled “Waste to
1 Jasmina Bašić, Ph.D., Belgrade Academy of Professional Studies, Department Medical College
of Professional Health Studies, Cara Dušana 254, Zemun, Serbia, Phone: +381 105 24 55,
e-mail: basic.jasmina23@gmail.com, ORCID ID: https://orcid.org/0000-0002-3373-345X
2 Ljiljana Jovčić, Ph.D., Belgrade Academy of Professional Studies, Department Medical College
of Professional Health Studies, Cara Dušana 254, Zemun, Serbia, Phone: +381 63 49 13 83,
e-mail: ljiljana.jovcic@yahoo.com, ORCID ID: https://orcid.org/0000-0003-0869-3334
3 Lazar Janić, Ph.D., Professor of Vocational Studies, Belgrade Academy of Professional
Studies, Department Medical College of Professional Health Studies, Cara Dušana 254,
Zemun, Serbia, Phone: +381 63 893 12 93, e-mail: lazarjanic@gmail.com, ORCID ID:
https://orcid.org/0000-0002-8766-9430
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Economics of Agriculture, Year 67, No. 2, 2020, (pp. 601-608), Belgrade
Wealth”, published by Palgrave Macmillan, a UK publisher, in 2015. The book was
published by Palgrave Macmillan in 2020 and addresses the students’ and companies’
need for learning valuable lessons; it was intended to be a practical guide for the
necessary business models and system shifting within known industries. This book is
the subject matter of the research regarding this scientic article (Lacy et al., 2020). The
authors of the presented book also wrote other books published within the framework
of the topics of the circular economy, waste management, growth and sustainability
issues, written on the basis of their academic and expert analyses and rich experience
within the specialized of waste management, sustainability and ecology.
Within the part of book review entitled The Methodology and Goal of the Paper, the
scientic goals of this review and the methodology used will be acknowledged.
Within the part of the book review entitled The Paper Results with Discussion, the
presented book content will be analyzed within the existing structure of the book. The
book is structured into three separate and relatively independent wholes, alongside the
introduction, the two appendixes, and the index. The authors’ endeavors to collect and
present in the right manner the anamnesis of the linear economy and the symptoms,
and dene the accurate descriptions of the problem(s), as well as to suggest a pivot –
namely solutions and an adequate therapy within the framework and in the form of the
circular economy – were supported by numerous individuals and institutions, rst of all
through the ve forewords authored by the most signicant names of the foundations
and platforms for the development of the circular economy.
At the end of the book review, the conclusions are presented based on the material
presented in the book in comparison with the other available literature – books, scientic
papers, the legislation and studies.
The Methodology and Goal of the Paper
The book review is aimed at presenting the scope, structure and basic values of and the
lessons learnt from the book entitled “The Circular Economy Handbook, Realizing the
Circular Advantage”, published by Palgrave Macmillan at the beginning of 2020. The
presented facts and information revealed in the book review were produced based on
the content analysis, perceiving and comparing the basic values of the book with the
current scientic and professional literature.
Bearing in mind the kind of the scientic paper, the research will base the scientic
research methods characteristic of a book presentation (content analysis, induction,
deduction, case study analysis, comparison, the historical method).
The Paper Results with Discussion
The book has 350 text pages written in the Royal format with 28 schemes and gures and
31 tables. The concept of the book is such that, through the 28 chapters organized into three
separate wholes, it denes the current state of environmental, social and business issues (the
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rst whole), the optimal projected state (the second whole) and offers practical solutions
to how achieve the optimal, projected state independently of the status of companies (the
third whole) within the framework of the circular economy model. The book highlights
the economic character of the problems that used to be treated primarily (sometimes even
exclusively, too) as environmental problems. Through the presentation of the specicities
of different industries, the book presents the most frequent obstacles to a transformation
from the ‘linear’ business doing model to the ‘circular’. The authors of the book say that
the aim they followed was to present to readers the points of view that would help them
perceive how they would “scale the circular economy within their organizations and drive
competitive advantage throughout their value chains.” (Lacy et al., 2020).
The introductory, and the rst chapter at the same time entitled “The Path to
Transformation Is Circular” presents environment-related issues (the climate change,
a climate crisis, a devastating loss of biodiversity and the habitat, resource scarcity
etc.), addressing them as social and business issues, and indicate the general point that
solutions to problems lie in the understanding of the broader issues of sustainability
and resource usage. Like the other reference authors, the authors of the book emphasize
the pragmatic side of the circular economy. Tonneli and Cristoni nd that the circular
economy is the pragmatic approach that can help society change the current path of
natural exploitation we witness to and fear. (Tonneli, Cristoni, 2019) The authors Janić
and Jovčić have also recently expressed a similar attitude in their research, establishing
a fact that, in the last fteen years, the weight of discussion about the consequences of
global climate changes has been changing and that the standpoint is not always connected
with ecology, but rather with the economy. (Janić, Jovčić, 2016) Stahel also considers
that the circular economy rebuilds all kinds of capital (nancial, manufactured, human,
social or natural) and seeks options for all organizations. (Stahel, 2019)
The authors emphasize the fact that only one part of the global problem will be solved
if carbon emissions are reduced through “energy efciency, zero-carbon production,
and renewable energy” (Lacy et al. 2020), whereas to solve the overall problem, both
production and consumption of energy must be perceived. The above-mentioned
environmental, social and business issues, as well as many others (e-waste, food waste,
plastics…) must be approached instantly, which many governments have recognized
and accordingly have created proactive (the authors used the term ‘aggressive’) targets/
measures, like those targeted by the European Union (e.g. banning cutlery and straws
by 2021). The role of regulation bodies is recognized as important in various arias
like the role of the state regulatory bodies in the regulation of the food in America.
(Ilić, et al, 2019) In their paper, Vilke et al. also recognize the EU strong response to
the environmental challenges like climate change, food safety, and sustainable growth.
(Vilke et al., 2019) Different government (and not only government) policies and
strategies will also exert numerous inuences on the economy and society. Adkins et al.
establish a fact of the general growth of the capital and wealth of companies and pose
questions about assets and a growing inequality as a result of economic and political
strategies. (Adkins et al., 2019)
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Changes in consumer behavior and habits are also noticed; as a good example, the
authors mention the asset-sharing services practiced by millennials, and other
ecologically conscious habits. By monitoring changes in government policies, on the
one hand, and changes in consumer behavior as well, companies increase the use of
recycled materials, zero waste and reusable and recyclable packaging.
The authors highlight the need for the general understanding of the principle(s) of
the circular economy independently of whether actors are consumers, i.e. citizens,
the government or the economy. From the point of view of the consumer, the general
involvement of citizens is suggested in all sustainability aspects. A similar piece of
advice is also given by Petljak et al. in their research carried out in 2019, within which
they established a fact that, while some individual users pay attention to the symbols
of a product packaging and opt for an ecologically sustainable packaging because they
are motivated by care for environment and personal health, a certain number of them
considers them to be unimportant. (Petljak et al., 2019) In their research study, Tešić
et al. highlight their signicance when medications are in question – the medication
instruction that would contain all relevant information for consumers and help them
make a decision on buying the medication. (Tešić et al., 2010)
The introductory chapter further claries the difference from the traditional ‘linear’
path of doing business to the new principles of circularity, referring to the circular
economy as ‘a new economic system’, as well as ‘a business strategy’. The circular
economy as presented in the rst, introductory chapter is the one that eliminates the
concept of waste, changing the way the economy produces and the economy and society
consume, which has the product of making a healthier “ecosystem that circulates value
throughout the economy and society.” (Lacy et al., 2020).
The circular economy is felt as a response to the growing needs of humankind,
respecting the limitedness of resources at the same time, so it is based on sustainable
development. The circular economy is based as a concept which would enable the
renewal of the ecosystem, which requires a large number of innovations and changes
in the habits of the economy and society. An important characteristic of the circular
economy is its orientation towards the zero-waste concept. The current attitudes of
the authors as Franco-García et al. (Franco-García et al., 2019) towards zero waste
consider this concept to be an alternative solution to waste management problems.
In the rst thematic whole entitled “Where are We Now? – Setting the Foundation”,
the elaboration of the notionally introduced discipline in the introductory (rst)
chapter is presented through the two chapters of The Circular Business Models and
Disruptive Technologies. The authors present ve circular business models: Circular
Inputs, Sharing Platform, Product as a Service, Product Use Extension and Resource
Recovery, saying that these circular models assist business in its approach to waste,
like “resources, capacity, lifecycles, and embedded value”. (Lacy, et al, 2020) In this
part of the book, the authors nd the following ve enablers important for speeding up
the adoption of the principles of the circular economy, namely “consumer engagement,
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design, reverse logistics, disruptive technologies and ecosystems.” (Lacy et al., 2020)
The authors underline the importance of disruptive technologies in the strike of the
circular economy (digital, physical, and biological technologies) and their involvement
in enabling circular business models by increasing efciency, innovation, data sharing,
and a decrease in relying on resource-intensive materials.
In the second thematic whole entitled “Where Do We Need to Be? – Scaling Industry
Impact”, the authors introduce 12 new chapters, of which 10 chapters present the proles
of the major industries in terms of waste pools, obstacles, potential opportunities etc.
as the means of providing and learning practices that can be helpful in overcoming
problems in specic economic sectors. The fourth chapter of the book speaks about
the reason why the circular economy is a story about ten Industries. The industries
identied as major are as follows: Metals and Mining; Oil and Gas; ICT; Machinery and
Industrial equipment; Electricity; Chemical; and FMCG; Household; Fashion Industry;
and Personal Mobility (the industry prole). In this part, the authors highlight the fact
that circular opportunities address the four types of linear waste: wasted resources, a
wasted capacity, wasted lifecycles and wasted embedded values, suggesting that the
linear way is not the only way to create value. Apart from presenting the ten major
industries, this thematic whole also shows in one chapter (Fifteenth) how e-commerce
meets the circular economy, considering the manners in which companies can reduce
waste across distribution channels, offering products/services with greater revenues
etc. This chapter resolves the dilemma whether “e-commerce channels or brick-and-
mortar stores have more substantial environmental footprints.” (Lacy et al., 2020)
In the third thematic whole entitled “How Do We Get There? – Making the Pivot”, the
authors introduce 8 new chapters, which are indicative of the necessity for synchronizing
the two processes, one of which is the transformation and growth of the core business,
whereas the other is scaling new initiatives of the circular economy, which requires the
dening and valorization of the main point essential for the advancement of the circular
maturity within the four categories holistically: Operations; Products and Services,
Culture and Organization; and Ecosystem.
Within the scope of the Operations as one of the four main points, the authors suggest
that ‘the value lost’ should be examined through operations and with respect to energy,
emissions, water, and waste. Within the scope of the Products and Services, change in
the product/service design, the lifecycle, the optimization of their usage, close product
loops, and ultimately the elimination of waste are addressed. Within the scope of the
Culture and Organization, the authors suggest that companies should (and must)
introduce the circular economy principles into the fundaments of the organization
by making changes in their respective policies, practices and procedures. Within the
Ecosystem as the forth main point, the authors suggest that a strategic partnership should
be established both in the public sector and in the private sector in order to create such
an environment that will enable them to achieve a ‘collective transformation.’ At the
same time, this also the nal, 28th chapter of the book.
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The book poses questions and gives integral answers to them: Is it possible to bring
global production and consumption systems into compliance with sustainability? Is
it possible to create a healthier planet with business growth? Is innovating possible
without linearity with the circular economy with the achievement of a competitive
advantage? And so on.
In a way similar to Lacy, Long and Spindler, other authors also contemplate the nature
of enterprises and their complexity, the bases for the achievement of a competitive
advantage, innovating, etc. Ilić nds that an enterprise’s business doing is conditioned
by the environment, and that the environment consists of all the elements (individuals,
organizations and institutions) and factors (economic, political, legal, technological,
sociocultural, ecological and other) that exert an inuence (either real or potential) on
the results of the business doing of the enterprise (Ilić, 2018). In their research study
conducted in 2019, Rajnović et al. emphasize the complexity of the company and stress
the obligation of a sustainable business of companies. (Rajnović et al., 2019).
Di Mariaabe et al. (Di Mariaabe et al., 2020) also show the sustainability of the
waste management system imposed by the EU legislation, emphasizing the primacy
of the integrated sustainability indicator (ISI) based on the environmental, social and
economic lifecycle approach in analyses.
In the literature list, the authors present an imposing number of 644 bibliographical
entries, annotations and quotations, covering the content of the three thematic wholes
and indicating the fact that the text of the book is thought-provoking and signicant
rst of all thanks to the fact that they used scientic apparatuses, regulation and
business cases and trends (in the research study, more than 1500 circular case studies
were analyzed through the Circular Program Award Initiative organized by the World
Economic Forum). The book refers us to the practical steps that must be made so as
to enable a linear organization to become a holistic circular organization. There are
authors who also considered what was needed for an organization to change its course
of action. Gedminaitė-Raudonė et al. remind us of the fact that the circular approach
differs from the traditional linear model of production, nding that the aim pursued by
businesses must change from that implying generating prots of products and services
sold to that implying generating prots from the ow of materials and products over
time. (Gedminaitė-Raudonė et al. 2019)
Although the authors are more prone to presenting the benets of shifting from the
linear to the circular economy, they also make a mention of the existence of certain
risks accompanying this process in organizations. In a way similar to them, Jovičić
et al. nd that, when making a proposal for a new concept, such as shifting to the
circular economy, a series of economic and other benets are expected in a longer
time period. A possible occurrence of short-term losses, however, should not be
neglected. (Jovičić et al., 2019)
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Conclusions
The book entitled “The Circular Economy Handbook, Realizing the Circular Advantage”
presented in this scientic book review was written in the academic style, and its value
reects in the demonstrated richness of the authors’ knowledge and their familiarity with
several scientic elds and areas (social-humanistic sciences, interdisciplinary sciences,
medical sciences). The authors Peter Lacy, Jessica Long and Wesley Spindler have
demonstrated the ability to present the problems of climate change, waste management,
uncontrolled growth within different scientic elds and practical current problems by
drawing the so-called ‘take, make, waste’ mindset that exists in society and in the economy,
by which the general value of the text is multiplied and its dual nature – scientic and
professional – is presented (i.e. its scientic and professional contribution).
The linear path is implicative of the mentioned ‘take, make, waste’ model, and the
book highlights that exactly at the moment when something is wasted – resources are
wasted. Treating resources in nature badly is in contradiction to the basic economic
principles that speak about the scarcity of resources and nding out a way/ways to use
them for alternative needs. The essence of the circular economy lies in the manner in
which resources would be retained in the manufacturing/production and consumption
cycles as long as possible. In that manner, the living environment is also protected by
saving money, resources and workforce, simultaneously with the signicant savings
that companies would have since they would be using the already used materials.
“The Circular Economy Handbook” shows guidance for systemic change within the holistic
approach, referring to organizational and civil change from ‘the linear to the circular’,
changing business models by means of technology as well, which its practical contribution
is based on and which is justied by the noun ‘handbook’ used in the title of the book.
Conict of interests
The authors declare no conict of interest.
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