This article examines small and medium-sized scrap and wastepaper enterprises in Finland. They operated in the margins of the nation’s industrial economy during the twentieth century but pioneered many of the business models and practices that, in the last few decades, have become crucial elements of the circular economy. We study why and how they tried to develop profitable business models, and why some succeeded while others failed. We give particular attention to the business environment where they operated and argue that legislation, values, purchasing cartels, and other outside factors had a crucial impact on their profitability. We base our analysis partly on published company histories and other earlier research and partly on interviews and the extensive and usually open collections of business archives. Those sources provide us with the often-lacking inside view of small and medium-sized enterprises in the circular economy business and show how determined these companies were to defend their interests.
