Work Exploitation and wealthy inequality in Developing Worlds Flashcards
What Is the Third World?
“Third World” is an outdated and derogatory phrase that has been used historically to describe a class of economically developing nations. It is part of a four-part segmentation that was used to describe the world’s economies by economic status. Third World falls behind First World and Second World but was ahead of Fourth World, though Fourth-World countries were hardly recognized at all. Today, the preferred terminology is a developing nation, an underdeveloped country, or a low- and middle-income country (LMIC).There can be a few ways to divide up the world for purposes of economic segmentation. Classifying countries as First, Second, Third, and Fourth World was a concept created during and after the Cold War, which ran from approximately 1945 to the 1990s.
How do you define a Developing Nation?
In general, nations are typically characterized by economic status and key economic metrics like gross domestic product (GDP), GDP growth, GDP per capita, employment growth, and an unemployment rate. In developing countries, low production rates and struggling labor market characteristics are usually paired with relatively low levels of education, poor infrastructure, improper sanitation, limited access to health care, and lower costs of living.
How does the IMF and world bank define third world countries as?
Developing nations are closely watched by the International Monetary Fund (IMF) and the World Bank, which seek to provide global aid for the purposes of projects that help to improve infrastructure and economic systems comprehensively.
Both organizations refer to these countries as lower-middle or low-income countries.
Why do investors target developing nations?
Developing nations, or LMIC, can be the target of many investors seeking to identify potentially high returns through possible growth opportunities, though risks are also relatively higher. While developing countries are generally characterized as performing poorer economically, innovative and industrial breakthroughs can lead to substantial improvements in a short amount of time.
Why are foreign investors so attracted to developing nations?
Foreign direct investment has grown at a phenomenal rate since the early 1980s, and the world market for it has become more competitive. Developing countries are becoming increasingly attractive investment destinations, in part because they can offer investors a range of “created” assets.
What are first world countries in the cold war?
The classification of nations as First World or Third World emerged during and after the Cold War. First-World countries were known as the most highly industrialized nations whose views aligned with the North Atlantic Treaty Organization and capitalism.
What are first and second world countries in the cold war?
Second-World countries supported communism and the Soviet Union. Most of these countries were formerly controlled by the Soviet Union. Many countries of East Asia also fit into the Second-World category.
Third-World countries included nations in Asia and Africa that were not aligned with either the United States or the Soviet Union. Now, in part because the Soviet Union no longer exists, the definition of Third World is outdated and may be considered offensive to many.
What are frontier, emerging and developing countries?
The developed countries are the most industrialized with the strongest economic characteristics. The emerging countries are classified as such because they demonstrate significant strides in various economic growth areas though their metrics are not as stable. The frontier markets often closely mirror the old Third-World classification and often show the lowest economical indicators.
History of the term “Third world”?
The use of the term “Third World” initially arose during the Cold War and was used to define countries that did not align themselves with the North Atlantic Treaty Organization (NATO) or the Warsaw Pact. In other words, the term was used to classify countries that did not pick a faction during the Cold War. Countries that aligned with NATO were considered part of the “First World,” while countries that aligned with the Warsaw Pact were part of the “Second World.”
How many childrens lives could be saved with more effective primary care?
The lives of 6 million children could be saved globally each year through more effective primary care. However, half of the world’s population cannot access essential health services. In fact, 800 million people spend at least 10 percent of their income on health expenses for themselves or a family member which can push them further into poverty.
What is AI used for in healthcare?
AI in healthcare can enhance preventive care and quality of life, produce more accurate diagnoses and treatment plans, and lead to better patient outcomes overall. AI can also predict and track the spread of infectious diseases by analyzing data from a government, healthcare, and other sources.
What is CareAI?
Despite these overwhelming statistics, blockchain technology is beginning to transform the health care sector in Europe and Africa through virtual health assistance. The European Commission has launched CareAi in June 2018, which is a digital computer system that uses a patient’s blood sample to quickly diagnose diseases without the presence of a physical doctor.
Harvard University Chemistry Professor George Whiteside created the machine to feature a small finger prick device. The patient experiences a quick poke from a sterilized needle, then places their fingerprint onto a chip that is inserted into the machine. The intelligent CareAi system has the ability to diagnose diseases like typhoid fever, malaria and tuberculosis in seconds and quickly prints results, which directs ill patients to nearby pharmacies for medicine. The machine’s intelligence is expected to evolve over time and could even surpass human proficiency in 2-3 years.
How many people live in extreme poverty?
Poverty and Shared Prosperity Report. 648 million people in the world, about eight percent of the global population, live in extreme poverty, which means they subsist on less than US$2.15 per day.
How much has the share of the world workers living in poverty decreased between 2010-2019?
The share of the world’s workers living in extreme poverty fell by half over the last decade: from 14.3 per cent in 2010 to 7.1 per cent in 2019.
What is the goal for the SDG (Sustainable development goal)?
Ending poverty in all its forms is the first of the 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development.
