Swedish press debate regarding the idea of a ‘circular economy’ is analysed to enable critical reflection on the development and use of the concept. We examine how actor positions formed around ideas of increased circularity. Using press material from 2012 to 2019 we identify positions on circular economy taken by Swedish companies, public authorities, political parties, and opinion makers. Our analysis reveals convergence amongst these actors at the national level despite ongoing situated local environmental conflicts. We show that this convergence is enabled by the convening power of ambiguity, which characterizes the use of circular economy ideas as a ‘floating signifier’ in the debate. In Sweden ideas of a circular economy may have been deployed by resilient capital to harness an otherwise economically disruptive process, as a new expression of ecological modernization. Further research into the political economy of circular economy ideas is encouraged.