This article is a case study of a peripheral fishing community and its capacity to regenerate and maintain local economic growth processes. The discussion of growth ability is based on a categorization of European peripheries and the concept of local production systems. Taking the fishing community of Muros in Galicia, northwest Spain, as its focus, the article discusses the ability of a community of its type to undertake the industrial restructuring of its fishing industry, mussel farming activities, tourism, and electricity generation by wind turbines. It also reveals how, during the processes of renewal, Muros has become more deeply dependent on its fishery due to an inability amongst the actors of the production system to leave the evolutionary paths laid down by earlier investment in the fishing industries.