This panel traces the transformations of the welfare state in Latin America and Southern Europe, and shows how our understanding can be enhanced by examining both in comparative perspective. Differences and similarities between the two regions shed light on the chances for more redistributive policies in these regions and other parts of the world. The differences in the respective historical trajectories are obvious. South European welfare states expanded since the 1980s, converged to West European norms in the 1990s, faced pressure to adapt and recalibrate in the 2000s, and came under immense pressure during the Euro crisis. In contrast, Latin American welfare states were retrenched in the 1980s and 1990s, as national economies became more exposed to international trade, but expanded significantly since the early 2000s, as progressive governments addressed demands to include hitherto excluded or under-protected social groups. The South European periphery and the Latin American subcontinent have thus followed almost opposite trends in recent years. Nevertheless, they also share common features and challenges, prominent among which is the endurance of informal labour markets, poised to expand as new forms of non-standard work emerge alongside more traditional ones, raises uneasy questions about the future of work and welfare. The papers in the panel attempt to shed light on these issues by focusing on a variety of topics such as the evolution of social policy over the long run, the role of left and right in shaping the welfare state, and opportunities for universalism in the current environment.