Some ecological economists are frequently cited in the debate about the origin of the term “circular economy” due to their strong influence on the construction of the concept over time. Boulding [25] points out that humans need to find their place in a cyclic ecological system, even if they are capable of continuously reproducing material, thus proposing a closed-loop system. Pearce and Turner [8] base their thoughts on Boulding [25] when developing their idea of a cyclical production and consumption system, citing the term “circular economy” when they explain that the term points to the environmental limits of extracting natural resources.

The concept of a circular economy is composed of different fragments, and it is possible to say that it relates to and/or derives from influential ecological concepts, such as cradle to cradle, industrial ecology, industrial symbiosis, sustainable supply chain management, performance-based economy, and blue economy [26,27]. As such, it can contain different interpretations. For Yuan, Bi, and Moriguich [13], the three pillars of the circular economy are industrial ecology, clean production, and ecological modernization. The origin of the concept itself comes from the collaboration of several authors and has a range of meanings. However, it is correct to state that all associations to the term have the understanding of a closed-loop system [7].

As the concept of a circular economy does not have a single definition—it is based on a collection of biases from different areas of study, such as environmental engineering, business, environmental sciences, among others [6,7]—it is still much debated and can be implemented in many ways. As well as the concept, the origin of the term is also studied and cannot be attributed to just one author or date. Although the momentum acquired in the 1970s can be registered, it has its own dynamics in different spheres [2].

3. Circular Economy and Financial Aspects

Studies that analyze the impact of adopting circular economy practices on the financial performance of companies are still incipient [20,23]. Measuring the financial benefits of the circular economy and the financial profitability of companies that adhere to it are some of the barriers identified with regard to the adoption of the closed system by organizations [35] The current state of circular business models conveys the idea of a risky venture, in which the main issue is the added value of implementing the system. However, in the long term, a shortage in the supply of natural resources is expected to happen, forcing large companies to adapt to a circular system [36].

Corporate sustainability, a long-debated topic, has received more in-depth attention than the circular economy. Sustainable conducts are expected to add value to brands and increase market competitiveness. However, studies that compared the sustainable indexes of stock exchanges in some countries and analyzed the relationships between financial and environmental performance showed that there is no significant financial advantage between companies that adopt socially responsible attitudes and the ones that do not [37,38,39]. So, since profit maximization is one of the companies’ objectives to create value and attract investors, would it be feasible to exercise social responsibility and reduce returns? [40]. Other works, however, highlight positive aspects between the association of socially responsible investments, corporate sustainability and finance, stating that this factor does not harm investors’ interests. Instead, the authors state that it provides long-term financial leverage even if it is more sensitive to market variations and has a tendency for financial risks [41,42]. It’s important to mention that socially responsible investments are still under investigation, as studies show conflicting results. The results of these surveys depend on the location of the object studied, as the performance of different companies depends on macroeconomic aspects and also on the profile of the investor [41] and/or consumer.

To that end, the study sought to analyze the most relevant articles in the literature in relation to the theoretical pillars, study trends and dimensions of the circular economy in different areas. The circular economy can be used in different ways and at different levels, in industrial processes, organizations, governments, and legislation. It does not have only one form of applicability. When implementing the circular economy in organizations, it is necessary that circular principles are aligned with the company’s strategic objectives and organizational culture.

In addition, an important point that hinders the implementation of the circular economy is the lack of financial, organizational, and national indicators to assess the development of different circular businesses. It is important to point out that prior to financial success, the analysis of the product’s costs in all its production phases needs to take into consideration resources from different sources (reuse, recycling, product design, etc.). Thus, there is a need for accounting control of process costs, since resources for different products can have different life cycles. Therefore, factors like financial incentives, subsidies for the projects, and the awareness of nations, companies and consumers are of great importance for the evolution of the circular economy.

Once related to the beneficial impact of the circular economy, they can potentially be a catalyst for its development and more widespread adoption.