The key to understanding Latin American relations with the United States as the century, and the millennium, draw to a close is to realize that all of the nations in the Western Hemisphere are still caught up in the transition from the Cold War. That transition, which began nearly a decade ago, is proceeding more slowly, and with greater confusion, than most observers had anticipated. The issues that constitute the framework, or infrastructure, for Hemispheric relations in the coming century emerge from the efforts of each nation in the Hemisphere, including the United States, to effect their insertions into the emerging world order. Given the priority accorded commercial and economic questions in the insertion of most Latin American nations, those are the questions that dominate the discourse. However, questions of governance — and what I call the international code of good behavior — are rapidly assuming greater salience in inter-American relations. It is my judgment that they will dominate relations among the nations of the Hemisphere in the 21st century.