Networks in transportation, health, energy and communications have been central to our economic and productivity growth. Rapid ongoing digitization will transform all these networks, making them smarter. In the coming years, the high-performance 5G wireless network will be central to this transformation. It will also help create a new smart digital manufacturing network for the next (fourth) industrial revolution. But, most emerging economies risk missing out because they are not ready for 5G. In previous wireless technology generations, access to a rich fiber network gave an operator a competitive edge. But now such access is indispensable for any operator serious about 5G. In the past, lack of fixed network infrastructure in emerging economies led to a wireless boom. With it came the economic benefits of telecom and broadband networks that were the purview of mature economies only. But now this fixed network deficiency is a hurdle for 5G deployment in these regions. Using analytical models, simulations and case studies, we show that left to market forces alone, the scale of investments in the fiber network needed for 5G readiness will not happen in many regions. We call this the “tragedy of missing commons.” This problem is best addressed by concerted government actions to help build a common deep fiber network infrastructure that all the communications market participants can share. They can then deliver competitive 5G connectivity and innovative value-added services.