In this article for Liberty Unbound, I examine why much of what is called the “emerging markets” should still be understood as the Third World, and why the optimistic development narrative rests on false assumptions.

I discuss the collapse of inherited colonial institutions, the temporary boost provided by the internet and China’s rise, and why Western institutions cannot be successfully imposed on societies lacking the deeper cultural and moral foundations needed to sustain them.

Read the archived article at Liberty Unbound via the Wayback Machine →