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Fully revised and updated, this text aims to provide the basic economic tools for students to understand the problems facing the countries of South America. In this second edition, Patrice Franko analyses challenges to the neoliberal model of development and highlights recent macroeconomic changes in the region, including the broad move to a floating exchange rate and the collapse of the Argentine economy. Including charts and tables with the most current data available, the book also has boxed discussions and vignettes. After a brief historical overview, Franko builds a contemporary model of regional development. She explores the contradictions of growth, especially in the context of overcoming intractable problems of poverty, education, health and discrimination. Franko focuses on factors of competitiveness, including labour markets, technology and infrastructure challenges. Inviting students to view challenges through the eyes of policymakers, the text encourages a critical assessment of past and present policy choices. Data exercises promote research skills and highlight the diversity of development experiences in the region. Interspersed with examples and case studies, the author combines theory and its application in the real world. The user-friendly text simultaneously challenges strong students while clarifying the fundamentals for novices. By exploring the difficult choices facing Latin American policymakers, the author gives readers interested in economics or in Latin American studies the conceptual means to understand the puzzle of strong, sustainable and equitable growth in the region.