Political systems in the developed world are processing the economic challenges of globalisation and technology in dangerous ways. Although it’s happening with distinct local flavors, the recent phenomena of fringe parties and extreme personalities rising to power (or getting close) in places like Greece, France, Spain and even the US are all part of the same global trend.

It is nothing new to the world that inward-looking populism and confrontational nationalism become a growing force after episodes of economic disruption. While Brexit may be the most important global political event since the fall of the Soviet Union, it’s also a reminder of the popular mood in sophisticated and prosperous places like the UK.

In this context, the question has to be asked: When and how will this political tsunami hit emerging economies? And why haven’t emerging markets (EM) yet experienced the type of neo-populism seen in developed markets (DM) in a serious way?