This article explores the changes in the patterns of regional cooperation in South America in the last decade, and the role of the Union of South American Nations (UNASUR) in the contemporary period. It is argued that a new period has begun, better captured by the concept of “post-hegemonic regionalism”, which implies that there is no hegemonic model of regional integration and cooperation, but rather a plurality of models that coexist and overlap. The plurality of models is accentuated in the area of trade: while Mercosur has abandoned the focus on free trade and privileged a social and productive agenda, the Bolivarian Alliance for the People of America (ALBA) is advancing an alternative model based on twenty-first-century socialism. In this context, UNASUR has become an umbrella organization advancing political and security cooperation among countries that, nevertheless, pursue different strategies of development. The UNASUR economic agenda has not included the liberalization of trade, so far, but has rather focused on cooperation in the areas of infra-structure, social development, and energy. UNASUR’s role in South American regionalism depends on its capacity to be a space for the discussion and consolidation of consensus in the political and security areas and a minimum common denominator in the economic area.
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