The inexorable cycle of time keeps affecting the fortunes of nations at periodic intervals. Fluctuating fortunes of nations are closely linked with political history, geography, discoveries and inventions, battles, environment, and other connected factors. The present world economic order is considered to have commenced in 1945, when the US and its capitalist allies quickly designated themselves as “developed economies”. Many US-based economists and the World Economic Situation and Prospects (WESP) took upon themselves the task of classifying all countries of the world into one of the three broad categories: developed economies, economies in transition and developing economies. Then, there are...