Sketch of a fitness landscape. The arrows indicate the preferred flow of a population on the landscape. The red ball indicates a population that moves from an adaptive valley to the top of an adaptive peak. Under a strict regime of natural selection (which usually acts to increase fitness in a population), it is not possible for a population at peak A to reach peak B because this requires descending into an adaptive valley. Shifting balance theory aims to explain how this may be possible.
This new superiorly adapted subpopulation may then expand its range and outcompete or interbreed with other subpopulations, causing the spread of new adaptations and movement of the global population toward the new fitness peak.
Wright, S. 1932. The roles of mutation, inbreeding, crossbreeding and selection in evolution. Proceedings of the 6th International Congress of Genetics: 356–366.