In the past decade the 'circular economy' (CE) has established itself as an influential model for economic development, with the Chinese central and regional governments (Su et al. 2013) and the European Union (European Commission 2018) being early propagators and policy champions. The ambition of the model is to create 'circular' material flows that break with the current 'linear' economic rationale of take, make and dispose, creating business value for its participants (Lacy and Rutqvist 2015; Esposito, Tse, and Soufani 2018). Inspired, among other influences, by the cradle-to-cradle design methodology (McDonough and Braungart 2009), the CE is to create waste-free technical loops that resemble biological loops and make waste disappear at the same time as being restorative and regenerative by design. This ambition has attracted the open support from a wide range of economic and political actors: intergovernmental bodies (OECD), influential forums (World Economic Forum), advocacy associations (World Business Council for Sustainable Development-WBCSD, the Ellen MacArthur Foundation, Circle Economy), leading corporations and consulting firms (e.g. Accenture, Cisco, Dell, H&M, Hewlett Packard, Intel, IKEA, McKinsey, Renault, and Levy Strauss), cities (Amsterdam, Glasgow) and regions (Region Skåne in Southern Sweden). The CE comes with a promise that circular relationships among markets, customers and natural resources (Lacy and Rutqvist 2015) have a unique capacity to combine economic growth with sustainability (Ghisellini, Cialani, and Ulgiati 2016). We acknowledge that the CE is not one 'thing', but, rather, could be seen as an 'empty signifier' (Valenzuela and Böhm 2017), which allows for a whole range of interpretations and approaches to be bundled together under the term 'circular economy'. Indeed, the CE is said to have 114 definitions (Kirchherr, Reike, and Hekkert 2017), which implies that academics and practitioners do not necessarily agree on precisely what the CE entails and how it should be implemented. In short, the CE is a contested concept (Korhonen et al. 2018), which is not surprising as essentially all approaches that try to square the circle of business-society-nature relations can be questioned and challenged from a variety of different viewpoints (McManus 1996; Carew and Mitchell 2008). Despite this 'emptiness' of the CE, allowing for open interpretation and even free, creative associations between a range of economic, social and environmental factors (Murray, Skene, and Haynes 2017), influential economic and political actors have been allowed to hegemonize the CE discourse. The result has been the narrowing down of latent possibilities in the systems thinking that underpins the CE. At heart, the CE is a radical concept, as it is historically embedded in a critique of established systems relations that have produced the 'unsustainability' that characterizes contemporary, linear forms of global capitalism (Hobson 2016). At its best, CE thinking takes a whole-systems approach, aiming to redesign e...