ABSTRACT The term neoliberal is widely used as shorthand to describe the policy environment of the last three decades. Yet the experience of the Latin American region suggests that it is too broad a descriptor for what is in fact a sequenced, fragmented and politically indeterminate process. This article examines the evolution of social protection in the region, and argues for a more grounded, historical approach to neoliberalism, and for some analytic refinement to capture the different ‘moments’ in its policy evolution, its variant regional modalities, and its co‐existence with earlier policies and institutional forms. It suggests that totalizing conceptions of neoliberalism as imposing an inexorable market logic with predetermined social and political outcomes fail to capture the variant modalities, adaptations and indeed resistance to the global diffusion of the structural reforms. This article outlines the systems of social welfare prevailing in Latin America prior to the reforms, and then examines the principle elements of what has been termed the ‘New Social Policy’ in Latin America, engaging three issues: the periodization of neoliberalism; the role of the state; and the place of politics in the neoliberal reform agenda.