This article examines recent arguments from development economists, from historians and from international relations specialists that do challenge the continued relevance of the idea of the Third World. It then examines five reasons why these arguments are wrong. We can indeed understand much about emerging powers in terms of how they are seeking to navigate and best position themselves within an existing state-centric, liberal and capitalist order whilst accepting many of the underlying assumptions and values of that order. But the nature of that navigation has been shaped by their historical trajectory and by the developmental, societal and geopolitical context of their emergence.Keywords: BRICs; Global South; Third World; Emerging Powers. JEL classification: F02.Debates about the diffusion of power and the emergence of new powers have become ubiquitous. But even a cursory reading of the policy debates, the popular literature, and the steadily-growing volume of academic work reveals that there are many unanswered and unresolved questions. Some relate to the nature of power. Others relate to the range of very different understandings of the global order into which today's emerging powers are said to be emerging. But another set of questions -and the subject of this article -has to do with the political groupings, spatial categories and taken-for-granted historical geographies that shape both academic analyses and political understandings of emerging powers.