Only recently have development studies begun to examine the complex set of relationships between urbanization, the growth of the informal sector, and internal migration in Latin America. This paper suggests that the economic crisis of the 1980s has resulted in significant changes in these phenomena and that 1 of the most important changes has been the growth of return international migration between Latin American countries. Also of importance are the continued migration flows to North America. The paper argues that the interconnectedness of these phenomena requires more multinational research efforts.