This comprehensive literature review presents key contributions to the topic of regional economic advantage. It helps the reader to understand how regions build advantage for industrial development through the use of endogenous and exogenous resources, how regional industrial development can be supported by place-based policy, and how the form and mechanisms of regional advantage change over time in a path dependent manner. Also analysed is research on industrial districts and new industrial spaces, as well as regional clusters and innovation systems, along with more recent discussion of global development impulses and evolutionary perspectives on regional development. Written by three experts in the field, this important review is an essential resource for those studying, researching or practicing in this area.