<p>Since the industrial revolution, mass production and mindless consumption have grown exponentially, putting planet Earth under an existential threat. Against the backdrop of the prevailing awareness of the 1960s, Kenneth E. Boulding reflected on what an economic model for a responsible society would be like. He thus conceived and named the concept of a circular economy (CE), giving rise to a holistic view of a sustainable socio-ecological equilibrium. However, the concept only began to be developed in the 2010s, and it remains fragmented, technical, and unsustainable. There has recently been a call for a more systemic perspective involving a paradigm shift towards sustainability along with social equity. Thus, this short communication develops a conceptual reconstruction based on historical and critical literature analysis of the concept. Given the recent call for a systems-based approach to the CE, it examines the principles of the concept introduced by Boulding from a systems-based perspective aimed at achieving socio-ecological balance, with a view to a paradigm shift towards a sustainable society. It traces the history of the concept, identifies the ontological principles upon which it was conceived, then highlights the point of disagreement regarding whether or not sustainable growth is plausible. Finally, it proposes drawing on Boulding’s principles to firmly anchor the sustainable transformative circular society, suggesting three models from the literature to support this postion. The article makes a scientific contribution by revisiting Boulding’s circular economy and developing a framework based on his principles–which have been operationalised–that will help to embed the circular economy within a vision of a sustainable circular society.</p>