It is as if the subject of equality is back again at the Latin American debate. The rough awakening, brought about by the economic crisis sharper than ever by the end of the last decade, has emphasized a hope that economic growth, by itself alone, could signify as integration of the more dispossessed segments of society into processes of national development. So, it would be possible to expect that the proposals aiming at overcoming the crisis would stress in their ample majority the so-called "equitable development", keen on rescuing ideals of social justice, freedom and equality, then to be joined together with the traditional economic concepts inherent to structural adjustment, changes in the productive apparatus, maximization of comparative advantages and others. However, although the present moment be one demanding now a lot of imagination and creativity, it is convenient to define the limits of proposals which are under discussion. Development with equality may well become an objective view of a better world for the majorities in Latin America, but may as well be turned into one more chimera, of little value out of the realm of rhetoric. Guided by this kind of concern, the author by attempting a review of relationships between economic policy, social development and equality, and availing himself of existing data on social cost and military cost he goes further to analyze the economic restrictions which hamper the strengthening of policies cut in the format of equality. On the other hand, he introduces a few reflections on simply institutional obstacles in the way of social policies formation in Latin America, as well as some proposals for their overcoming. The article ends with suggestion of directives which may permit a deeper consideration of the issues being discussed.Eqüidade, tema central de debate na América Latina. Relações entre política econômica, desenvolvimento social e eqüidade. Análise do gasto social e do gasto militar. Restrições de caráter financeiro para fortalecimento de políticas eqüitativas. Reflexões sobre os obstáculos institucionais para formulação de políticas sociais na América Latina; proposta para superá-los.