What are the economic, social and institutional mechanisms that make it possible for peripheral areas to regain centrality? To address this issue, the paper takes stock of the current scientific debate on peripheries. Our reasoning is based on a general assumption according to which simple geographic features do not determine per se socio‐spatial divisions. Peripheral areas are not natural. By contrast, they are the outcomes of more or less intentional processes that imply hierarchical and power relationships, unequal allocation of economic resources, and reliance upon relational patterns and social norms. Therefore, it is essential to observe how and if multidimensional socio‐economic changes may occur within peripheral areas, deconstructing their marginality. In this regard, this paper highlights four main endogenous mechanisms upon which a demarginalization process may rely: 1) transformation in the features of the local institutional make‐up; 2) emergence of collective actions and ‘self‐governance’ processes at the local level; 3) renovation of elite groups; and 4) establishing economic renewal and innovation.