Latin America is in the midst of dramatic transformations. Stabilization and structural adjustment programs are dismantling state regulation of the economy. Democratic transitions are pointing toward the emergence of new institutional arrangements. Democratization and market-oriented economic restructuring pose major questions concerning new social configurations combining rising levels of poverty, "low intensity" citizenship, environmental degradation, and enduring legacies of elite privilege and authoritarianism. Analyzing these and related issues, this volume contributes to a world-system perspective suggesting that the region is experiencing a "great transformation" characterized by a deepening differentiation between state, enterprises, and households. Emergent patterns of competition and organizational change are discussed along with the social consequences of restructuring and the potential for political transformation.