The problems of consolidating democracy in Mexico and Latin America are at the heart of contemporary political debate. A proper review of this problem leads us to analyse a number of factors inherent in the so-called governance crisis and link them with what some academics and authorities at all levels of government have posed as a crisis in the Nation State, as this phenomenon has been expressed in the period 1988-2006 and which coincides with the processes of democratic openness and, where appropriate, the maturation of democracy in many Latin American countries. In the past, the economic stabilisation programmes promoted by the international financial institutions World Bank, International Monetary Fund and Inter-American Development Bank did not seek to harmonise them with democratisation processes in a number of emerging Latin American countries, especially the Mexican case and the Chilean phenomenon. In some cases, the political viability of Latin American states appears to be explained by the change in the economic model, from the traditional pattern towards the inside, to the opening-up and globalisation of markets. In this logic, the criteria of economic rationality are a factor that is directly linked to the problems of governance, which have so far become apparent in questioning the legitimacy of some democratically elected governments. Already in the exercise of power, the still incipient Latin American democracies have found serious concerns to guarantee basic social and political agreements which are a prerequisite for governability and the conduct of the state, not only from a legal point of view but also from a legitimate point of view.