What is a 'Third World' country?

 "Despite ever evolving definitions, the concept of the third world serves to identify countries that suffer from high infant mortality, low economic development, high levels of poverty, low utilization of natural resources, and heavy dependence on industrialized nations. These are the developing and technologically less advanced nations of Asia, Africa, Oceania, and Latin America. Third world nations tend to have economies dependent on the developed countries and are generally characterized as poor with unstable governments and having high rates of population growth, illiteracy, and disease. A key factor is the lack of a middle class—with impoverished millions in a vast lower economic class and a very small elite upper class controlling the country’s wealth and resources. Most third world nations also have a very large foreign debt" (Mccoll, 2005).

References:

Mccoll, R. W. (2005). Encyclopedia of world geography. Retrieved July 30, 2011, from http://www.nationsonline.org/oneworld/third_world_countries.htm