| Sumario: | The objectives proposed by the 1991 constituent with the Social Rule of Law to satisfy basic needs, generated transformations especially in the management of public finances. Despite the progress made in reducing poverty, twenty-five years after the implementation of this new Constitution, reforms have been presented that seek to generate greater social and economic equity. The results have been the opposite: Colombia constitutes the second most inequitable country in Latin America, finances came to depend on the mining-energy sector whose prices are characterized by their high volatility at the international level, and which can generate a Dutch disease with effects that stimulate deindustrialization and precarious employment. The role of public policies reflected in the national and territorial budget is essential to close regional gaps. Hence the importance of understanding the evolution of land transfers and royalties as the main bases of fiscal decentralization, of analyzing the increasingly regressive tax systems and of the importance that oil revenues came to have in the public finances of Colombia.
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