The economic history of Latin America has become more voluminous, complex, and fascinating in the past decade. The new work has already provoked noteworthy commentaries; one could even write an historiography of the historiography. The purpose of this essay is to comment on (and applaud) the re-emergence of political economy in the economic history of the region. By this I mean the renewal of interest in the Big Questions that inspired the structuralists, “cepalinos,” Marxists, dependentistas, and modernizationists of the post-World War II generations. Economic historians are again worrying about the long, long run, about the connections between social stratification, political power, and economic strategy, and about the relative impact of structures, endowments, and institutions on economic growth and development.