This paper explores the concept of the Resource-Based View (RBV) of strategy development. It presents a historical perspective on the reasons for its growth and then examines its main elements in order to identify its contribution to the strategic process. In particular, it investigates the claim that the RBV constitutes the dominant paradigm for the future development of strategic thinking. Five significant difficulties with the RBV are identified and their implications are discussed in the context of such a claim.