Abstract
Blue economy refers to economic sectors that are either directly or indirectly linked with the oceans. However, the blue economy does not only have an economic dimension. Environmental health is also an area that blue economy takes into account. This chapter draws attention to both social and economic potential to be created by blue economy and to consider and evaluate how to increase this potential through public policies in today's century, when the resources are gradually depleted and population growth continues. In order for the blue economy to be a driving force for sustainable growth, public-private partnerships emerge as a recipe for opportunities. In addition, the growth of the blue economy can be stimulated by conventional financial instruments (such as taxes and subsidies). Since the blue economy is at an intersection of environmental health and economic benefits, positive externalities that environmental health can have on generations should not be overlooked.
TopThe Blue Economoy Approach: A Review On The Basis Of Concept And Scope
Today's world is facing great challenges in terms of sustainable development. Durability against natural disasters, access to food and energy, management of natural resources, effects of climate change, security and sovereignty issues, and sustaining national development are among these challenges. When the world's population is thought to be an important factor that will magnify these challenges, the management of the world's resources manifests itself as a vital issue. At this point, the blue economy is seen as one of the main factors having a new point and growth potential with regard to the economic development of the sea and oceans. Thus, governments have begun to resort to the “blue economy” for a sustainable economy (Humayun & Zafar, 2014, p. 57).
The blue economy is a concept that has gained popularity recently. Through the blue economy, on the one hand, it is intended to extend means of living and business areas and, on the other hand, to protect the health of the ocean and coastal ecosystem by making use of ocean resources for economic growth. Blue economy, which encompasses a variety of economic activities such as ecotourism, marine energy, sustainable fishery, management of ocean wastes about oceans, is a great potential for coastal communities around the world, such as Caribbean (Kulkarni, 2018).
The blue economy; is an approach used to describe all economic sectors, directly or indirectly linked with the oceans. The true potential of the blue economy can be fulfilled only if the oceans are protected. (European Comission(a), 2018). The blue economy is also seen as a newly emerging development paradigm that covers ocean economy, green economy, coastal economy and marine economy. The blue economy, just like the green economy, stick to the reduction of environmental risks and ecological shortages in order to enhance human welfare and social equity (Attri, 2016, p.1 & Pauly, 2018, p.371).
Key Terms in this Chapter
Externalities: The positive or negative effect (social costs or social benefits) arising from the production or consumption activity of a producer or consumer.
Public Policies: Policies in which the state intervenes into the economy with various economic and social motives through the borrowing, taxes, and public expenditures.
User Fees: It is one of the economic instruments predominantly collected by the local governments, aiming at the elimination of environmental pollution, with the aim of generating income.
Blue Economy: Economic sectors directly or indirectly linked with the oceans.
Subsidies: Unreturned financial aids that the government make to support producers or consumer units.
Sustainable Blue Growth: Achieving growth with sustainable environment friendly policies to generate economic benefits from natural resources such as oceans, seas, costs that fall into the scope of blue economy.
Ecosystem: Interaction between living and non-living environment.
Taxation: Taxation, a means of fiscal policy, is unreturned and state-based incomes for the financing of public expenditures or other economic/social/political goals.
Ocean Economy: It is a part of the blue economy and it makes a significant contribution to the world economy with its developed and developing sectors and has a potential that needs to be grown.