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Across the Global South, the realities of urban informality are changing, with implications for how we understand this phenomenon across economic, spatial, and political domains. Recent accounts have attempted to recognise the diversity of informality across contexts and dimensions, as well as its everyday lived realities. Reviewing key debates in the sector, and drawing upon the new empirical studies in the papers presented here, we argue for a shift away from seeing urban informality narrowly as a setting, sector, or outcome. We suggest that reconsidering informality as a site of critical analysis offers a new perspective that draws on and extends political economy approaches, and helps us to understand processes of stratification and disadvantage. We seek to highlight the significance of the informal-formal continuum at the same time as challenging this dichotomy, and to explore emerging theoretical and …