You got it.
Funny story, my graduation dissertation (BSc Economics) back in 1999 was about all this. I reviewed the XXth Century across South America and laid out, as the Washington Consensus policies didn't deliver prosperity for all but a few, South America would swing to leftist populist governments like the incipient Chavez one in Venezuela. Then after 10-15 years of those, their unfulfilled promises would lead to extreme polarisation, and that in turn would only result in violence.
I was told off it wasn't about Economics and there wasn't a single graph or hint of economic theory in the entire document. I told them the entire point was arguing all their theories on development were going to fail if they overlooked that culture, history and politics are the real forces behind our society's behaviour, not "people will act rationally".
I barely got a pass and it knocked one level off my honours. Bastards, would love to see them again now and plaster their faces with a few cakes.