This article contends that intra-party dynamics based on particularistic exchanges constitute a double-edged sword for a political system. On the one hand, they provide party leaders with strategic flexibility, which can be essential for their party stability and for the governability of the political system. On the other hand, in permitting office holders to switch policies whenever they consider fit, these dynamics render governments unpredictable and unaccountable in partisan terms, thus debasing the quality of democratic representation. The hypothesis is illustrated by recent Argentine political development.