[cmrdporcupine]

It's capitalism continuing to return to its "normal" after the exceptional post-WWII era where strong unions, social democracy, and the threat of the USSR forced generous accomodations for the working class at home while a large stable and rapidly developing economic sphere ensured a few decades of prosperity.

But an abnormal period, and we are now returning to the normality of capitalism described by critics like Marx or Dickens over 100 years ago.

The distinction between "developing" and "developed" is a dubious distinction anyways especially now. "Developing" implies that liberal capitalism has a linear narrative towards something (presumably something that looks like "the west"). There's a lot of hubris in that statement, and I don't think it is supported by any evidence.