"This article charts the changing context of regional economic development and the advancement of both policy thinking and analysis on this issue. The shift away from ‘traditional' regional policies, designed to bring about regional convergence, towards new approaches, designed to exploit the economic development potential of regions, is the focus of the article. Specific attention is paid to the emergence of regional development strategies in the process, where ‘regions' may be defined functionally rather than administratively. We outline the elements of such strategies—including redefining objectives, new types of interventions, involvement of new actors, and the broadening and integration of regional interventions—which distinguish them from traditional policy and which will determine the degree of success achieved. In conclusion, the paper raises two points of interest, namely the need for more inclusive regional development processes and better implementation of these demanding strategies."

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