The political economy of violence in Central America is widely perceived as having undergone a critical shift during the past two decades, often pithily summarized as a movement from 'political' to 'social' violence. Although such an analysis is plausible, it also offers a depoliticized vision of the contemporary Central American panorama of violence. Basing itself principally on the example of Nicaragua, the country in the region that is historically perhaps most paradigmatically associated with violence, this article offers an alternative interpretation of the changes that the regional landscape of violence has undergone. It suggests that these are better understood as a movement from 'peasant wars of the twentieth century' (Wolf, 1969) t...