This paper attempts to build an alternative narrative on the determinants of the reprimarization of Latin America. This refers to the rise of an economic dynamic led by the production and international commercialization of basic products. The Structural Adjustment Program, under the pretext of restructuring the foreign debt, to foster privatization, exchange appreciation, and substitution of economic and political groups who promoted industrialization. All this that has been said was linked to the international reorganization that led to globalization. Finally, an incipient deglobalization process is identified, which accounts for the slowdown in trade and investment flows. This process, together with the renewed interest in industrial policies, lays the foundations for the recovery of development policies and creates new opportunities in our countries for inclusive growth.