Latin America's economies face a tremendous window of opportunity, marked notably by strong inflows of capital and robust growth even as high-income economies continue to suffer the effects of the global financial crisis; some leaders in the region are even talking about a "Latin America Decade." Will policy makers seize this opportunity to tackle the region's long-standing development challenges? This seminar will review the last half century of volatile economic performance in Latin America, focusing on the failure of the economies in the region to reverse two of the most fundamental of these challenges: high levels of poverty and inequality, on the one hand, and an unproductive economic structure on the other. In addressing these questions, we will emphasize the quality of governance and policy making and the role of foreign trade and investment.