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As Latin America has moved to the left during the last decade, why have the governments of Brazil, Chile, and Uruguay chosen a path of moderate, gradual change, whereas their counterparts in Venezuela, Bolivia, and Ecuador have proceeded with considerable economic and political radicalism? Comparative analysis and case studies of Brazil and especially Bolivia find that economic performance and party institutions do not provide a satisfactory explanation for this striking difference in political approach. Instead, natural resource rents and commodity booms (and busts) play a crucial role. The unearned windfalls produced by bonanzas inspire risk-acceptance among political leaders and common citizens, which can prompt ideological radicalism and political confrontation. By developing this argument and basing it on a novel, cognitive-psychological micro-foundation, the paper seeks to contribute to theories of the rentier state and the "resource curse." ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]