Latin America is the most unequal region in the world. This acute inequality affects virtually all aspects of political, economic and social life, yet it has received very little attention from social scientists. This lecture examines why inequality has been so persistent, why it is so difficult to address and what its implications are for the quality and durability of democracy in Latin America. Democratization, it posits, may have proved easier and yet far less consequential than analysts once thought in the context of extreme inequalities.