An attempt is made to define a conceptual framework to explain the process of regional adjustment in recently industrialized countries. The historical context of the paper is the recent change in the Spanish regional economic system. On the basis of recent research, an assessment is made of recent propositions of regional restructuring theory about regional dynamics. The pattern of industrial location and the actions of firms and investors are related to the aggregate behaviour of the regions. A spatial development framework is proposed as relevant for bringing into the explanation the specificities of regions, as well as structural processes of change.
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