This volume contains the proceedings of the 2nd Adriatico Research Conference on "Polarization dynamics in nuclear and particle physics held in Trieste, Italy, 7-10 January 1992. Considerable progress has been made both experimentally and theoretically on the subject and many new results were presented. The purpose of the conference was to bring both theorists and experimentalists together for discussions on the large range of theoretical and experimental results, prospects, problems, difficulties and hopes which are at the core of particle physics today. It will be a useful guide for the present status of polarization phenomena and their fundamental implications.