The author reviews the 3 principal theoretical orientations of thought regarding the economic development of Latin America: the theory of evolution of development, the theory expounded by CEPAL (Economic Commission for Latin America), and the theory of dependent economy. The article is obviously directed to the specialist in Latin American economics, and quotes at length from published work on the subject. One of the problems involved seems to be the contradictions between the various economic propositions, and the existence of a social and political environment favorable to their realization. Countries such as Brazil and Mexico still maintain their superior position in terms of capital and manpower, but countries such as Ecuador, Colombia, and Costa Rica have already enormously improved their position as capitalistic nations. At the present time there is no economic theory capable of explaining the complex phenomenon of Latin American development and underdevelopment.