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The adoption of a single currency in much of Western Europe, as well as incremental moves toward institutionalized European political representation and policy cooperation, raise the question of what propels sovereign states to forge increasingly sturdy regional ties. Our paper explores the options of South American countries with respect to three competing visions of hemispheric economic integration: NAFTA-Plus, Mercosur-CAN, and the Bolivarian Alternative. The three correspond to the preferred projects of the US, Brazil, and Venezuela, respectively. We suggest, albeit tentatively, that not only domestic political imperatives but also new opportunities and constraints created by the 21st century international system make Mercosur-CAN a likely choice, as well as the most viable option over the medium-run. We particularly emphasize the importance of the democratic transition throughout the continent in the 1980s to resolving collective action problems and making cooperation, even where there are conflicting interests, possible. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]