This article presents a critica! appraisal of development models, which have been aimed to provide equity and economic growth conditions for Latin America . From the import-substitution model to the second generation of structural reforms at the end of the 1990's, the region has had to face macroeconomic, political and social adjustment programs, which have contributed too little to the prevailing structural conditions. However, there are important challenges in the coming years. Can economic and social feasibility be reached in a subcontinent plagued of frustrations? These challenges must be faced with great responsibility and creativity.