Essay: Economics of Poverty and Third World Countries

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Sample Essay – Economics of Poverty 

First there was the ‘First World’, which was the industrialised, capitalist free market economy. In first world there are the United States of America, Australia and Western Europe. Then there was the ‘Second World’, which were the communist centrally planned economies such as the socialist Russian state and the Warsaw Pact. Then came the ‘Third World’, the countries which were still developing (in relation to the first and second worlds) and so are more deprived and disadvantaged.

There are various possible determining categories in which to view Third World coherency such as the economics, geography, history, politics and psychology of the region. Different theories in the past have offered their views, favouring the coherency of one or a few categorisations over others, and some of these are now anachronistic.

The categorisation is deeply political and important economically; as will be shown, it has been seen to be about power for subjugated people and it determines credit rating for financial support. Also, why do we ask this title question? It is really so that we can understand the assumptions and complexities that shape this concept in order approach the question of development in an open minded way.

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