This chapter offers a comparative analysis of lithium policies and state–business dynamics in Argentina and Bolivia, key players in the lithium triangle of Latin America. Building on the insights from earlier discussions, the chapter examines how each country’s distinct approaches to lithium industrialization reflect varying state capacity and business interactions. In Argentina, a high level of business support has driven increased investment in lithium extraction, despite the government's attempts to advance industrialization. The country’s regulatory framework has fostered a liberal environment that may soon position it as the world’s leading lithium exporter. Conversely, Bolivia has adopted a state-led industrial policy with the establishment of the state-owned company YLB to oversee lithium extraction and industrialization. However, Bolivia’s limited state capacity and challenges in meeting industrial expectations have led to a stagnant industrial policy with minimal extraction volumes. By comparing these cases, the chapter highlights how differing state capacity and business roles influence industrial policy outcomes and identifies gaps in the existing typology of state–business relations in the context of lithium. This analysis not only sheds light on the dynamics shaping each country's approach but also points to areas requiring further research, particularly the need for cases that fit the frontier policies category.