Starting from Hugo Chávez’s electoral victory in 1998 to the resounding victory of the Bolivian indigenous leader Evo Morales in 2006, a sequence of leftist governments with explicitly anti-neo-liberal programmes rose to power in various regions of Latin America. But a little more than a decade later, there are indications that the “pink tide” is beginning to ebb. In Argentina, the centre-right is in power, ending 12 years of left rule. Even in Venezuela and Brazil, recent trends point towards an unmistakable resurgence of right-wing forces. How does one interpret these changes? Does the current crisis mark the end of the Latin American left? While seeking to answer some of these questions, an understanding of the achievements and limitations of the “left turn” in Latin American politics is presented.