Mass protests in Chile in 2019 reflected the exhaustion of Chile’s model of elite-driven pacts and the thirst for a more inclusive, representative political and economic system. The failure of the free market economic model to generate broad-based prosperity, coupled with the inability of institutions to evolve with rising public expectations and generational shifts, produced overlapping crises of governance, legitimacy, and representation. The institutional response to the protests—an overhaul of Chile’s 1980 constitution—ended in failure, with voters rejecting two drafts viewed as too extreme. This deprived the political system of a fresh path to legitimacy, especially among new and younger voters. Meanwhile, the long-term challenges to governance remain: low levels of trust in institutions and declining support for democracy and satisfaction with democratic performance. Rising crime and antipathy to migration have come to dominate the political agenda, pushing aside the issues of reform arising from the protests. Whether Chile can resist the populist and authoritarian tendencies evident in other Third Wave democracies remains to be seen.