Bootstrap Business: What Is a Circular Economy?
In the 1920s, a group of the largest lightbulb companies from around the world came together and made a plan to sell more lightbulbs: make them worse.
The group, called the Phoebus Cartel, decided that their bulbs would last 1,000 hours, much lower than the 2,500 hours the bulbs had lasted before. Customers would then have to buy more bulbs.
It was a foolproof plan, except for being unethical and shortsighted. The Phoebus Cartel shows the problems with a traditional linear economy that a circular economy solves. In a circular economy, the point is to look past sheer profit or growth and consider a sustainable future with wider social benefits.
Read the full article at: www.myfrugalbusiness.com
