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The alternative to the 'development state' that pursues industrial policy is not the 'regulatory state' that merely regulates 'the market' but the 'accumulative state' that pursues business policy. Both are goal-oriented, but the goal of the latter is capital accumulation.
Industrial policy and business policy are both top-down and interventionist, but where industrial policy seeks industrialization and responds to problems that arise in seeking that goal, business policy seeks accumulation and responds to problems that arise in seeking that goal.
The foreign policy of the development state is generally aimed at exporting industrial output, whereas the foreign policy of the accumulative state is generally aimed at opening foreign markets to investment (this tends to be more violent).
The development state usually relies on the state bureaucracy to produce policy, whereas the accumulative state generally relies on a network of privately owned institutions to produce policy. Both have rubber-stamp legislatures filled with impotent elected officials.
The accumulative state tends to present itself as 'neutral', 'natural', 'regulatory', 'free', etc, because capital accumulation serves only the elite and has little popular appeal. The emphasis is placed on making people fear alternative systems ('unfree', 'statist', etc).
