Drawing on original research about industrial policy and organizations, my paper explores the heterogeneous foundations underlying the stability of Mexico’s mid-century state. It goes in a new direction by considering the malleability of statist industrialism as a political project into the 1940s and beyond. It seeks to “decenter” state power through capturing the varied responses of regional industrialists to shifts in state policy and authority. For example, the emphasis on 1940 as a major point of reversal of the Revolution has meant that scholars have tended to overlook the historical continuities in the process of state formation after 1940. Most notable was the ruling party’s ambition to create a stable political system that could survive enduring social and political opposition, including from a range of regional industrialists. Moreover, while the ruling party incarnated dominant class interests in important ways by the 1940s, industrialists were neither necessarily contributory nor collusive in the construction of a centralized state. In the end, I argue that statist industrialism was a nationalist project that often accommodated, or at least tolerated the eclectic strains of regional industrialist resistance to the state’s consolidating and centralizing pull.