1985 {1986}. The Entrepreneurial or Producer State was essential to Latin Americas primitive accumulation and industrialization. Now, in the new stage that the more advanced Latin American countries are entering, it is time for the the Regulatory and the Social State. Yet, this transition is taking place together with the transition to democracy, a major debt crisis, and a neo-liberal ideological ofensive. Portuguese version available. (Paper: in book edited by Atilio Boron)*