This book evaluates the record of the Left in Brazil and Venezuela, two key cases of the “pink tide” wave. The wave of Left governments that emerged across Latin America in the early 2000s – a process dubbed the “pink tide” – has been on the wane in recent years. The Left regimes that, at one point, seemed unbeatable have either been defeated at the ballot, ousted through coups or have had to contend with increasing economic and political conflicts which have nullified many of their achievements. This book argues – like many voices on the Left today – that the waning of the “pink tide” in the region must be viewed in the context of the Left’s inability to initiate radical structural changes in its constituencies. At the same time, however, the book makes the case for a more nuanced and balanced evaluation of the development record of the Left than is often done. In doing so, it seeks to go beyond the reform–revolution binary that has blinkered recent assessments and intends to highlight alternative paths that the Left could have taken.