“In order to have economic growth, poor countries need market economies, private property rights, rule of law and democratic institutions.” —Walter Williams, syndicated columnist
“Development must take the people not as they ought to be but as they are.” —Claude Ake, political economist
Poverty and Prosperity are two opposite words same as third and first are two opposite worlds. Soon after the World War II ended, the term Third World arose during the Cold War to define countries that remained non-aligned with either NATO (with the United States, Western European nations and their allies representing the First World), or the Communist Bloc (with the Soviet Union, the People's Republic of China, Cuba and their allies representing the Second World). This terminology provided a way of broadly categorizing the nations of the Earth into three groups based on social, political, and economic divisions. The Third World was normally seen to include many countries with colonial pasts in Africa, Latin America, and Asia. Over the last few decades, the term Third World has been used interchangeably with the Global South and Developing Countriesto describe poorer countries that have struggled to attain steady economic development, a term that often includes former "Second World" countries like Russia. This usage, however, has become less preferred in recent years.
In the so-called dependency theory of thinkers like Raul Prebisch, Theotonio dos Santos, and Andre Gunder Frank, the Third World has also been connected to the world economic division as "periphery" countries in the world system that is dominated by the "core" countries. Dependency theory is a body of social science theories predicated on the notion that resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former. It is a central contention of dependency theory that poor states are impoverished and rich ones enriched by...