PECULIARITIES OF CIRCULAR BUSINESS MODELS WITHIN THE FRAMEWORK OF SUSTAINABLE ECONOMIC DEVELOPMENT

The main principles of the concept of sustainable development in the modern conditions of the development of the world economy are analyzed, in particular, the configuration of further global long-term economic growth and development should be supported taking into account environmental and social factors. The complexity and indivisible nature of the concept of sustainable development is characterized, in particular it is emphasized that the concept of sustainable development is ensured by balancing its three dimensions, in particular: economic, social and ecological components, and is determined by the following aspects: economic development ↔ social progress ↔ ecological responsibility. In this context, the gradual transition from traditional linear models of economies to circular models of economies based on the rational use of the appropriate resource base is emphasized. The circular economy model is outlined in the context of ensuring sustainable economic development as the model of the so-called closed loop. The main principles of the circular model of the economy, which provide for the minimization of the con-sumption of primary raw resources and the reduction of corresponding waste on the way to complete zero-waste production and consumption through the reuse of materials and their processing, have been determined. The expansion and transformation of the relevant basic principles formed the modern fundamental principles of the functioning of the circular economy. The defining role of the private sector is emphasized, which, responding to appropriate state incentives, acts as a driver of transformational processes regarding the transition to a circular model of the national economy by introducing the main principles of sustainable development in the relevant business activities, contributing to economic growth, social and environmental protection, which, in turn, leads to the transition to the use of circular business models. The peculiarities of circular business models are outlined in the framework of the formation of the foundations of a circular national economy, taking into account the advantages and risks of their application.