What is Second World?
Let me explain the term 'second world' directly to you. It's an outdated label that once covered countries under Soviet Union control. These were centrally planned economies run by one-party states. You should know that this usage mostly died out in the early 1990s, right after the Cold War ended.
However, the term has also been applied to countries that are more stable and developed than those derogatorily called 'third-world,' but not as stable or developed as first-world nations. Think of places like almost all of Latin and South America, Turkey, Thailand, South Africa, and others in this category. Investors often call these 'emerging markets' when they seem on track to reach first-world status.
Some countries fit both definitions, which I'll get into more as we go.
Understanding Second World
Under the original definition, examples include Bulgaria, the Czech Republic, Hungary, Poland, Romania, Albania, Russia, China, and similar nations.
Shifting to the second definition, geo-strategist and London School of Economics doctorate Parag Khanna points out there are about 100 countries that aren't first-world (OECD members) or third-world (least-developed or LDC). He stresses that within one country, you can find a mix of first and second world traits, or second and third, even first and third. For instance, major cities might show first-world features, while rural areas lag with third-world ones. Take China: Beijing and Shanghai boast immense wealth, but many rural spots are still developing.
Key Takeaways
To sum this up for you, the term 'second world' started as a reference to the Soviet Union and its communist allies. It's since been updated to mean countries sitting between first and third world in development and economic terms. This includes nations from Latin and South America, Turkey, Thailand, and South Africa.
Key Criteria in Defining World Segregations
You determine a country's status using criteria like unemployment rates, infant mortality and life expectancy, living standards, and income distribution.
Even in the United States, some argue that while most of the country is developed, certain areas are stuck or even sliding backward toward developing nation status. MIT economist Peter Temin claims the US has regressed to that level overall. He says nearly 80% of the population is in a low-wage sector, burdened by debt and with limited growth opportunities.
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