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The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

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A Three-Part World?

In the past, people classified nations into three different worlds: the first world of nations aligned with the United States and capitalism, the second world of nations aligned with the now-defunct Soviet Union and communism, and the third world of nonaligned (and generally poor) nations. People now use the term third world to refer to poor nations in general, but many people are not certain of its origin. (Some think that it means that one third of the world is poor.) In any event, the classifications of nations according to their wealth and poverty and stage of economic development has become more sophisticated over the past 20 years or so.
This is just as well and not just because more precise language is generally better. ...

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