The puzzle of Egypt’s apparently wild swings from the Mubarak regime to a Muslim Brotherhood government and then back to a military dictatorship have been manipulated to fit the simplistic linear and binary categorical models of democratic transition, with an emphasis on procedural outcomes, when in fact deeper structural issues are at stake. Three challenges explain mainstream Egyptians’ choices and the tumultuous path the revolution has been following. The first is the structural economic crisis facing Egypt, coupled with lack of state administrative capacity, which no government has been able to effectively deal with. The second is the repercussions of Egypt’s post-colonial history, which as a consequence tends to see the army as the “saviour” and “liberator” of the nation. The third is the failure of alternative groups to to provide solid political alternatives for the majority to rally around against the two reactionary poles and their inability to devise strategies to break loose from and reconstruct the hegemonic discourse . Consequently, international actors who throw their weight behind one reactionary faction or the other based solely on pragmatic considerations of their ability to bring about stability will be backing the wrong horse.