Fernando Henrique Cardoso and Enzo Faletto's now-classic analysis of Latin American dependent development is perhaps the most important synthesis of the shifting alliances between classes and interest groups that have been cause and consequence of nation-building, state formation, and capital accumulation in Latin America. The book is admirable in many ways, but especially in the scale of its focus across time and space. Rather than telling us every detail of a particular country or period it uses an analytical perspective based on class analysis to compare “situations of dependency” across Latin America from the period of decolonization in the early nineteenth century to the 1970s. I am not a Latin Americanist and so I cannot evaluate the many interpretations of political events in the book. Rather my comments will focus on its theoretical implications, its special strengths, and its possible limitations from the point of view of the capitalist world system as a whole.