Now in a second edition, this book explains Latin America's economic, political, social and cultural transformations, its association with globalization and search for modernity, and how these transformations are affecting the people of the region. Using a political economy approach to unravel these concepts, the emphasis is placed on interpreting the macro-level structures that frame the transformations taking place. Updated and revised to include more student friendly features, the authors have substantially rewritten the material, including three new chapters, to examine the challenges faci.