This paper presents a non-equilibrium thermodynamic model of industrial development. With an underlying argument of homology rather than analogy, the aim is to reconcile understanding, in physics, biology, ecology, and the industrial process. Hypotheses of homology are tested on the emergent patterns found in both natural and industrial systems-patterns in energy intensities, production and recycling, diversification, organisational life histories and selection pressures, and systemic stability. Preliminary support for the model is found in existing databases and in the literature. Some potential problems and model qualifications are highlighted. The model is then used to examine regional decline and sustainable industrial regeneration in the South Yorkshire region of the UK. Areas for further research, such as classification schemes, are identified.