Argentina and Bolivia: the Balance Sheet is a significant text that was forged in the heat of a radicalization of the class struggle in the political situation in Argentina and Latin America in the early 1970s and in the context of a deep and decisive theoretical and strategic debate within world Trotskyism. This paper reflects the revolutionary process in Argentina and Bolivia between 1968 and 1972, in the context of the polemic against guerrillaism promoted by Ernest Mandel worldwide and Roberto Santucho and Hugo Gonzalez Moscoso in Argentina and Bolivia respectively.