The author shows that ideological considerations and bargaining over the distribution of economic rents accruing from certain institutional arrangements are powerful shapers of institutional change. At the same time, the legacy of the past does not appear to have a clear or systematic effect on the direction of second-wave reforms that seek to transform existing economic institutions. If distributional conflicts can be resolved, these conclusions provide grounds for optimism about the ability to create new institutions even in countries where little favorable precedent exists. Political economy and public policy scholars, specialists on business-government relations and non-market strategy and those interested in Latin America will find this comprehensive book of great interest. Practitioners involved in the design and implementation of second-wave reforms around the world will find this an essential addition to their library.