salient features of Third world countries
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The third world consists of underdeveloped countries of Asia, Africa and Latin America. Both defihitions have a few things in common. In both classifications the attributes of the third world are one and the same. ... The Third World Countries are economically poor and they have a colonial past.
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Major features of developing countries
- multistructural nature of the economy with various forms of ownership, including archaic (tribal, communal);
- specialization in the international division of labor mainly in the production of raw materials;
- significant dependence on foreign capital;
the influence of traditional institutions in the economy;
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