Why, despite the economic growth experienced by the regions in Peru between 2001 and 2012, did regional political and economic elites not consolidate? Can local development be sustained without regional projects of their own? To what extent were the levels of regional political institutions key to understanding regional economic growth during the fiscal boom? What was the role of local entrepreneurs in the economic and institutional development of their regions during this period of economic growth? Based on the analysis of four cases (Arequipa, Cusco, Piura and San Martín), this research provides a guide to resolve these questions.