In his introduction to this passionate history of Spain and the Spanish-speaking peoples of the Americas, Carlos Fuentes asks the necessary question: What do we really have to celebrate on the five hundredth anniversary of Columbus's historic voyage to the New World? After all, the quincentennial of the "discovery of America" finds the Latin American republics in a state of deep crisis, with inflation, unemployment, and excessive foreign debt threatening their still precarious economic and political institutions. But Fuentes finds much consolation in an amazingly rich cultural heritage, one that has been created with "the greatest joy, the greatest gravity, and the greatest risk" and that lives in art, in literature, and above all in the vital societies of Central and South America.