This chapter explores local state theory within the broader context of state theory, providing a framework to understand local governance and decision-making dynamics. It examines four approaches—pluralist, managerialist, elite, and structuralist—that contribute to the ongoing debate on the local state. All four approaches are analyzed through the lens of three common characteristics: growth, localism, and social struggle. Given the increasing significance of cities and city regions as hubs of capital accumulation and growth, the concept of growth is central in all approaches. Localism, on the other hand, emphasizes the role of local actors, institutions, and the scale of the state in each approach. Social struggle reveals conflicts, the impact of local struggles on decision-making, and power dynamics. The chapter also explores recent debates, incorporating feminist, Lefebvrian, commons, and libertarian perspectives. The conclusion discusses future directions for the financialization debate and the development of local state theory.