Formal management education and development in Latin America is a relatively recent phenomenon. Its present nature, and its evolution over the past 30 years in a number of Latin American countries, is examined. The issues are set, first, within the broader context of underdevelopment in Latin America. Second, the origins of management education and development are then analysed in terms of their relationship with the education and development of professionals in general. Third, possible links are explored between management education and the transition in Latin America from traditional to modern societies. This is followed, by a discussion of the foundation of a number of important Latin American business schools in the 1960s. Finally, the article speculates about the future of management education and development in the region.