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Economic theory of the third and first world counties

Choose a third world country of your choice and using an economic theory of your choice, identify the parts of the economic environment of your chosen country and analyze its characteristics. Repeat the same for a first world country's economy of your choice.

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The response addresses the queries posted in 803 words with references.

// In this text, we attempt to analyze the economic environment of third-world countries with the main emphasis on Venezuela. With the analysis, the traits of economic environment are also discussed to throw the lights on the trends of economic growth.//

Third-world countries are technologically less advanced, poor, and dependent on developed countries. This term was originally used to distinguish the nations that are neither aligned with the west or east, and were members of the non-aligned movement. Leading members of third-world countries are Yugoslavia, Egypt, Iran, Iraq, Libya, Nigeria, and Saudi Arabia. The country chosen for the purpose of study is Venezuela.

The economic theory, which best describes the economic environment of third world country, is Karl Marx theory. His theory is also known as Marxism, which holds the view that all the society's progress is run by wealthy middle and upper classes. These people undertake the socioeconomic development task for their own benefit. Marx believed that this system should be replaced by a stateless and classless society called pure communism (Huffington, 2010).

In order to bring pure communism in the society, the social theorists, workers class, and underprivileged people should bring the organized ...

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The economic theory of the third and first world countries are provided. The response addresses the queries posted in 803 words with references.