LAUSR

ABSTRACT Latin America is once again passing through a crisis. The so-called ‘pink tide’ of progressive governments gave place to a brown wave of peripheral-fascism. Short-range explanations for the ‘ebbing’ of the pink tide abound in the literature. They focus on the shortcomings of moderate-left administrations, failing to account for the cyclical nature of capitalist crises and for the authoritarian character of the administrations now coming to power. In search of a comprehensive, long-range explanation, this paper goes back to the core question posed by dependency theory half a century ago: is capitalist development even possible in Latin America? The key to answer this question – a concept of development that captures non-converging transformation – was not available to seminal dependency writers such as Frank, Marini, Bambirra and Dos Santos. In this paper, I suggest that the concept of uneven and combined development (UCD) allows for a renewed engagement with dependency's core problem. Conversely, the dependency literature can enrich the analysis of UCD with valuable mid-range concepts, such as ‘super-exploitation’, ‘dominated-dominant’ classes and ‘peripheral fascism’. After establishing the theoretical basis for a political economy of UCD, the paper illustrates the potentialities of this comprehensive theoretical perspective by providing and alternative narrative of the end of the pink tide and the rise of the brown wave in Latin America.