INTRODUCTION.Since the late eighties, Higher Education Systems (HES) have experienced a deep reform process, characterized by a profound redefinition of the role of the state with respect to HES, and by a significant change in the functions and objectives of Higher Education Institutions (HEI), in a context increasingly influenced by market demands. METHOD. Through a review of relevant literature comparing higher education reforms in several countries of Europe and Latin America, the author seeks to establish some levels of convergence. RESULTS. After thirty years, Latin American HES present two main trends: the growth and development of HE markets, and the emergence of new modes of governance. DISCUSSION. Some authors argue that the government has been exceeded, while others claim that its role has changed only qualitatively. The evidence shows that the government is not only still there, but continues to control the processes of transformation of higher education systems. The intention of this article is to stimulate policy debate on an issue that until now has been addressed from a technical perspective. It is necessary to consider some particular features of the region (demographic pressures, structural deficits, growth of for-profit HEIs), as well as the role of traditional and non traditional stakeholders in the HE policy arena.