It’s a signifier for a politico-economic concept, so yes. Third world is a similar signifier that also doesn’t really align with its original nor intuitive meanings. Semiotics is weird like that.
Either one can be used to signify countries from which resources and labor are extracted by the Global North or something along those lines. Do they find themselves richer or poorer due to global trade?
For example, Australia, in this context, wouldn’t be considered global south despite being in the southern hemisphere. Unless it was harshly colonized and became a resource trough for the USA and Europe, then its politico-economic position would change even though it obviously didn’t change geographically.
To me it makes me think of the intellectualization of revolutionary theory to the degree that it’s no longer revolutionary, merely a means by which academics can advance their careers. I get that impression with a lot of western Marxian/critical theory from the last few decades tbh (although that doesn’t mean the works don’t contain interesting ideas).
A quote from Marx that I like:
Yet some academics remain content to idly interpret while benefitting from the spoils of imperialism and colonialism.
Oooorrr it’s just a comic by an anti-communist trying to point out a perceived hypocrisy so they don’t have to engage with the ideas lmao