In the past decade, the circular economy has gained attention as a mechanism of transition toward a regenerative, low carbon, and resource-efficient society. As the history of previous radical transformations shows, successful transition toward the circular economy cannot take place without understanding the institutional features of industrial transformations. This article highlights the significance of institutions by placing the circular economy model in the context of the natural resource–based sector and discusses the importance of institutions in regional path development. The article identifies three institutional determinants of both endogenous and directed transformation toward the circular economy model in the regional context: (i) proximity of physical flows and assets, (ii) maturation and diversity of market networks, and (iii) inherent values and patterns of cooperation. This article offers a starting point for future studies of circular economy transitions and the role of institutions as enabling, as well as at times obstructing transition environments.

在过去的十年中，循环经济作为向再生，低碳和资源节约型社会过渡的一种机制而受到关注。正如先前的重大变革的历史所表明的，如果不了解工业变革的制度特征，就不可能成功地向循环经济过渡。本文通过将循环经济模型置于基于自然资源的部门的背景下，突出了机构的重要性，并讨论了机构在区域路径发展中的重要性。本文确定了在区域背景下向循环经济模型的内生性和定向性转变的三个制度决定因素：（i）实物流量和资产的接近程度，（ii）市场网络的成熟度和多样性，（iii）合作的内在价值和模式。本文为以后的循环经济转轨研究以及制度在推动和有时阻碍转轨环境中的作用提供了起点。