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The key purpose of this paper is to identify key Latin American theories proposed to study foreign policy. The essay points out that Latin America has made a significant contribution to foreign policy analysis. The most important conceptual contribution in the field is the concept of principled pragmatism. A crucial premise is that Latin American nations resort to this type of policy to come to agreement with the United States, address domestic issues, advance national interests, and cope with economic problems. The paper is divided into four sections. The first describes key analytical models and theoretical approaches created to explain foreign policy. The second identifies the Latin American thought on this subject. The third section explains the concept of principled pragmatism. This approach stems from the models and theories explained in the second section and from the Latin American thinking described in the third section. The last segment explains the case study of Cuban foreign policy in the early 1960s using the notion of principled pragmatism.