‘Vulnerability’ has been originally used as a concept in risk approaches geographic, associated with natural disasters. However, in the last two decades this category has been fairly widespread in political field, mainly in reforms of social and economic policies, which aim to make a renewed reading about the poverty and establish “new” and “good” classifications of people living in social deprivation. In Latin America the reading mentioned has been marked mainly by three approaches: economicist, social critic, and populational.