 |
| Image: Moneybestpal.com |
The phrase "third world" is frequently used to refer to underdeveloped, destitute, or politically insecure nations. But, this phrase has a troubled and complicated past that goes all the way back to the Cold War.
In the past, the term "third world" was used to designate nations that did not support either NATO or the Warsaw Pact, two rival military alliances led by the US and the USSR, respectively. The majority of these nations, which were considered neutral or non-aligned in the conflict, were in Africa, Asia, and Latin America.
The phrase "third world," however, lost its political connotation after the fall of the Soviet Union in 1991 and started to be more closely associated with economic and social problems. Several of these nations had to deal with problems like poverty, corruption, civil conflicts, abuses of human rights, and environmental destruction. Also, some of them suffered with the changeover from colonialism to independence or from dictatorship to democracy.
The labels "developing countries," "low-income countries," or "emerging markets" are now frequently used by experts and organizations to define these nations. The phrase "third world" is frequently regarded as archaic and pejorative, whereas the other phrases are perceived as more accurate and courteous.
Yet, some academics and activists continue to use the term "third world" to draw attention to the injustices and inequalities that these countries experience in comparison to the rich and powerful countries of the world. They contend that in addition to being developing, these nations are also being oppressed and exploited by neocolonialism, imperialism, global capitalism, and other forms of modern capitalism.
Thus, "third world" is not a straightforward or impartial term in finance. It displays various viewpoints and ideas on how to comprehend and deal with the complicated realities of international development.
