The structural adjustment policies established by the developing countries from the 1980s to the 1990s were dictated by international organizations purportedly solve problems created by the economic crisis that corroded these countries' economic foundations and political stability. This paper reviews how these conditionalities have changed over time and impacted on economic and social policies of developing countries by reviewing literature and available empirical data especially in the context of Latin America. The paper argues that structural adjustment programs were unable to address problems on economic growth and poverty reduction and the current rhetoric espoused and the policies imposed by international organizations, more particularly the International Monetary Fund and the World Bank, have not made better the lives of the poor.