Can Latin America's "new left" stimulate economic development, enhance social equity, and deepen democracy in spite of the economic and political constraints it faces? This is the first book to systematically examine the policies and performance of the left-wing governments that have risen to power in Latin America during the last decade. Featuring thorough studies of Bolivia, Brazil, Chile, and Venezuela by renowned experts, the volume argues that moderate leftist governments have attained greater, more sustainable success than their more radical, contestatory counterparts. Moderate governments in Brazil and Chile have generated solid economic growth, reduced poverty and inequality, and created innovative and fiscally sound social programs, while respecting the fundamental principles of market economics and liberal democracy. By contrast, more radical governments, exemplified by Hugo Chávez in Venezuela, have expanded state intervention and popular participation and attained some short-term economic and social successes, but they have provoked severe conflict, undermined democracy, and failed to ensure the economic and institutional sustainability of their policy projects.