Observers of Latin America frequently claim that party systems of the region have undergone remarkable transformations since the 1990s: the decay of traditional parties and the rise of leftist or populist parties. However, party politics has always been volatile in many countries of the region. This essay compares recent trends in volatility, fragmentation, left-right tendency, polarization, the quality of representation, and legislative governability with longer historical tendencies in Latin America to show that, in some respects, the more things change, the more they remain the same. It also recognizes that the party systems of a few countries have recently diverged from their own historical paths and seeks to explain why.