This paper argues that, despite claims to the contrary, there has not been extensive, egalitarian reform in Bolivia since Evo Morales assumed the presidency in 2006. In order to explain agrarian processes in the country during the decade under Morales thus far (2006–2016), it examines the changing balance of agrarian class forces in Bolivian society and associated changes in the class composition of the ruling bloc between 2006 and 2010. It divides contestation over agrarian reform processes during this decade into two periods—one of insurgent contestation (2006–2009), and one of agro‐capital–state alliance (2010–2016). The transformations in class alliances over these periods can be understood theoretically through Gramsci's concept of transformismo (transformism). In particular, this concept captures both the way in which leading layers of indigenous–peasant movements have been absorbed into the apparatuses of the state and thus decapitated, and the dialectic of transformation/restoration that characterizes Bolivia's ongoing “process of change”.