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# The Thread That Compounds Amazon built an e-commerce and logistics empire across North America and Western Europe. What it never captured at scale is Latin America, Southeast Asia, or South Korea, three fast-growing consumer economies where local operators moved first, constructed their own logistics networks, layered in *fintech* services, and created compounding flywheels with years of runway still ahead of them. The thesis is that the vacuum Amazon left produced something as durable as what Amazon itself built: a …