This article evaluates structural, institutional, and actor-centered explanations of the collapse of the Peruvian party system around 1990 and its surprising partial recovery in 2001. It begins by describing the changes in the dependent variable, the emergence, collapse, and partial resurrection of the 1980s Peruvian party system. The next section examines the argument that the large size and rapid growth of the informal sector undermined the party system and led to its collapse. The author shows that the evidence does not support this argument. The article then examines changes in the electoral system. The author demonstrates that, contrary to theoretical expectations, the changes in the electoral system do not correlate with the observed changes in the party system. The final section shows that performance failure by political elites, including corruption in government, was more important than social cleavages or electoral institutions in the collapse and partial recovery of the party system.