Whether environmental sustainability is possible under capitalism is a highly divisive question for environmental scholars and advocates. Within sociology, this divide is reflected in an enduring debate between a Treadmill of Production (TOP) theory predicting worsening environmental problems under capitalism, and an Ecological Modernization (EM) perspective which provides reasons to expect improvements. Empirical support exists for both perspectives, and a synthesis remains elusive, with the only serious attempt at reconciliation a paper by Shwom (2011), which specified conditions favorable to either outcome. We assess Shwomâs model through a case study of the Swedish pulp and paper industryâs successful reduction of dioxin emissions, and chlorinated waste in general. Though we argue that the case largely supports the modelâs expectations, it also suggests a need for one modification. Specifically, in the case we examine, industry unity facilitated rather than obstructed environmental improvement, with the corporatism of Swedish capitalism playing a constructive role. This modest critique aside, we endorse Shwomâs model, and recommend it as a useful way of understanding variable environmental outcomes, including in diverse national contexts. We argue for more such nuanced, middle-range analyses.