Could a sway to the left in South America be the start of a new Latin step? Alexander Kozul-Wright looks at the partners.

Political change in Latin America’s recent history often resembles waves, as the peak of shifting ideology in one country is followed by a trough in another. The region’s recent swing to the left may not have the same momentum as the “pink tide” that flowed across the continent in the early 2000s (and ebbed out during a conservative backlash in the mid-2010s). But it still represents a region-wide political realignment.

Last month, Colombia elected a left-wing president for the first time. It joins Mexico, Argentina, Bolivia, Peru and Chile in a growing leftist bloc. In Brazil, former president (and left-wing icon) Luis Inacio Lula da Silva is odds on to win next month’s election. Although some left-wing leaders are more socially conservative than others, the latest sweep of elections is a clear indication of shared frustrations in the region.

Piqued by the impact of Covid-19 and the more recent cost of living crisis, angry voters across the continent have turned to political parties that favour enhanced welfare programmes and interventionist governments. The redrawing of political fault lines will have far-reaching consequences on everything from the environment to metals exports, and even monetary policy.