Spanish Abstract: La transformacion del Sistema General de Regalias (SGR) atiende al desarrollo territorial y al mejoramiento de las condiciones de bienestar de los habitantes de municipios y departamentos, por lo que se esperaria un impacto significativo frente a las condiciones de desequilibrio territorial. Este articulo evalua el impacto de la transformacion del SGR en el desarrollo territorial. Primero, se examina el cambio en el sistema, sus causas y sus beneficios. Seguidamente, se analizan las dinamicas de las economias departamentales, asi como el crecimiento economico departamental en los ultimos veinte anos, para establecer las condiciones sobre las que partio el sistema. En tercer lugar, se establece su contribucion al desarrollo territorial, los sectores que atiende y las entidades territoriales beneficiarias del mismo. Finalmente, se evalua la relacion entre capacidad administrativa municipal y asignacion de recursos de regalias, que muestran indicios de influencia politica en la aprobacion de proyectos a las entidades territoriales.English Abstract: The transformation of the General System of Royalties (Sistema General de Regalias) focuses on territorial development and the betterment of the conditions of well being of municipal and departmental inhabitants. Because of this, a significant effect on the conditions of territorial imbalance is to be expected. This article evaluates the impact of the General System of Royalties transformation on territorial development. First, the change in the system, its causes and its benefits are examined. Second, the dynamics of departmental economies are analyzed, as well as the departmental economic growth in the last 20 years, to establish the economic conditions on which the system was founded. Third, its contribution to territorial development, the sectors that it tends to, and the territorial entities that benefit from it are established. Finally, an evaluation of the relationship between municipal administrative capability and the distribution of resource royalties, which show indications of political influence in the approval of projects for territorial entities.