In this article for Acting Man, I examine why much of the so-called emerging world should still be understood as the Third World, and why the optimistic narrative around emerging markets rests on faulty assumptions.

I discuss decolonization, the collapse of inherited institutions, the one-off boost from internet technology, and China’s rise, and why Western institutions cannot simply be imposed on societies that lack the deeper cultural foundation needed to sustain them.

Read the archived article at Acting Man via the Wayback Machine →