Rivers of ink has been spilled in studying the role of the state as an active economic actor in promoting growth and development in developing economies. States in peripheral countries across Asia, Latin America and Africa have most importantly showcased this by being engaged in varying patterns of state intervention. For growth to be inclusive and sustainable in nature, it is widely accepted that states do need to play an active role in promoting rapid industrial transformation while supplementing equity in terms of the distribution of economic resources and the income generated.The role of policies here is thus critical in establishing the state to effectively manage the market forces to fruition.Yet, in many cases, we observe states (particularly in developing economies) to be largely ineffective in promoting economic development at a sustainable rate. Case in point could include cross-country narratives from Sub-Saharan Africa (Zimbabwe, South Sudan, Angola, Benin etc.), Asia (Bangladesh, Afghanistan, Bhutan, Myanmar, Cambodia etc.). One of the main reasons for this stems from a lacuna in understanding the concept and nature of economic the growth that is vital for each of these late developing economies.