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Humanities

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1. What is the third world?

2. What are the NICs?

3. In order to achieve economic development,less-developed counties applied two distinct mercantilist economic policies. Explain these two economic policies in less-developed countries.

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Developing countries
The third world was a term that was initially developed to mean allegiance as it constituted
countries that did not swear their allegiance to NATO or the Soviet Union or during the cold war.
However, the third world is a phrase that is currently used to refer to the underdeveloped countries
of the world. This is countries, which are still struggling with increasing social, economic and
political challenges in their operations, and thus they do not have a clear structure of operations.
Third world countries are considered as being poor mainly because they are unable to develop any
significant infrastructure to successfully have a well-managed government. Poverty is a significant
characteristic of the third world countries. These countries have the potential to have sustainable
development although there exist some challenges that are preventing them from fully developing.
They have the much-needed resources and raw materials, but they lack the key skills, which can
help them to overcome these barriers and join the league of the developed countries.
Economic progress is also a significant issue among the third world countries since they
do not have proper and effective policies in place, which can significantly develop a better
environment where significant economic growth can take place. Economic growth is a vital
component on the wellbeing of a nation since for all other sectors to grow; the economic ...


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