The election of Lula in Brazil and Petro in Colombia in 2022 have led to increased noise in both the media and left-wing circles about a second ‘pink tide’ in Latin America. This is a reference to the wave of so-called ‘progressive’ governments that ruled for a number of years in several countries of the continent between 1998-2015. It is perhaps apt that these governments are described as a ‘pink’ tide, as they are certainly far from being socialist ‘red’. It is necessary to examine the character of that first wave, the reasons that allowed it to last as long as it did, why it came to an end, and the different conditions facing this new wave.