In this essay review, we explore the dicothomies of Latin America by the axis of two senior scholars, Miguel Angel Centeno whose book Blood and Debt is illuminative and D. Acemoglu and R. Robinson, who have recently published a book that economists devour. Both deal with the problem of poverty and underdevelopment in the regiĆ³n. While the former sees the backwarness as a result of the lack of total wars, that helped reorganizing their economies, the latter one signals to the corruption and extractive institutions. Rather, our third alternative focuses on the theory of conspiracy as the main problem of Latin American states which are enrooted in a much broader process of divisions and material asymetries.