Wealth is not distributed evenly across then world. There are rich countries and there are poor countries. In old fashioned terms we used to describe these as:
- First World countries – that is those countries that has stable and developing capitalist economies, such as the United Kingdom or the United States of America.
- Second World Countries – these are communist counties where people are not paid according to how hard they work but according to their need.
- Third World counties – where there is no real economy at all. Often these counties rely on trade and barter rather than money.
We don’t really use these terms any more. Instead we use the terms:
- More Economically Developed Country (M.E.D.C.) to indicate a country with a strong economy – like the United Kingdom or the United States of America.
- Developing Country to indicate a country that has an economy that will become more developed but has not yet – such as India or Pakistan.
- Less Economically Developed Country (L.E.D.C.) to indicate a country that has no real economy or no organised business or system of wages; like Afghanistan or Bangladesh.
You can find some EXAMPLES OF L.E.D.C.s on the following pages: