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The Architecture of the Institutional Environment Components for the Development of a Circular Agrarian Economy
Kuzoma V. V.

Kuzoma, Vitalii V. (2024) “The Architecture of the Institutional Environment Components for the Development of a Circular Agrarian Economy.” Business Inform 7:281–289.
https://doi.org/10.32983/2222-4459-2024-7-281-289

Section: Agricultural Economics and Agribusiness

Article is written in Ukrainian
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UDC 330.88

Abstract:
The article substantiates the composition, nature of action and role of the institutional environment in the context of accelerating the development of circular processes in socioeconomic agrarian systems and develops a conceptual scheme of the architecture of its components. The determinants of regional diffusion of the circular economy are defined. It is determined that there are three key determinants of endogenous and exogenous transformation towards the transition to circular business models: availability of knowledge, perception and understanding of benefits regarding the movement of material flows; availability, functioning and maturity of logistics and material value chains; values and models of business activity and cooperation. It is proved that the intensification of circular transformations in the economy requires a deep understanding of the mechanisms of movement of material and logistical flows, which underlie industrial symbiosis and ecosystems. Such systems reuse resources, reducing dependence on primary materials and optimizing costs. The shared use of products and resources is institutionalized through appropriate infrastructure and market mechanisms. In the conception proposed by the author, the structural architecture of the institutional environment for the development of circular agroeconomics consists of two main elements: formal and informal environment. The formal environment directly influences the motives, incentives and conditions of the business, facilitating the implementation of closed-loop business models. The informal environment acts indirectly, forming and supporting the values, perception and understanding by society of the importance of circular changes for present and future generations. This indirect influence is expressed in the formation of economic relations through consumer needs, preferences and requests, which creates demand in the market of goods and services and serves as a competitive benchmark for business.

Keywords: formal institutional environment, informal institutional environment, circular economy, determinants of development, agrarian economy.

Fig.: 2. Bibl.: 29.

Kuzoma Vitalii V. – Candidate of Sciences (Economics), Associate Professor, Dean, Department of Accounting and Taxation, Mykolayiv National Agrarian University (9 Heorhiia Honhadze Str., Mykolaiv, 54020, Ukraine)
Email: [email protected]

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