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This chapter analyzes the multiple, contrasting roles and limitations of the dominant theories of regionalism. It considers four main perspectives, based on mainstream British and North American Political Economy approaches to regionalism: Eurocentric regionalism, liberal integration, North American regional perspectives, and neoliberal institutionalism. The chapter focuses on the ontological, epistemological, and methodological dimensions of each approach. Applying the Weberian concept of “iron cages,” the chapter identifies how each perspective is bound by specific conceptual cages and discusses the theoretical and methodological shortcomings of each approach about the New South American Regionalism. Briefly, it argues in favor of critical, integral, and eclectic approaches that go beyond the dominant paradigms.