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The term Third World arose during the Cold War to define countries that remained non-aligned with either NATO or the Warsaw Pact.The United States, Canada, Taiwan, Japan, South Korea, Western European countries and other allies represented the "First World", while the Soviet Union, China, Cuba, North Korea, Vietnam, and their allies represented the "Second World".
The terms First World, Second World, and Third World were originally used to divide the world's nations into three categories. The complete overthrow of the pre–World War II status quo left two superpowers (the United States and the Soviet Union) vying for ultimate global supremacy, a struggle known as the Cold War.
The Philippines had a total installed power capacity of 26,882 MW in 2021; 43 percent was generated from coal, 14 percent from oil, 14 percent hydropower, 12 percent from natural gas, and seven percent from geothermal sources. [453] It is the world's third-biggest geothermal-energy producer, behind the United States and Indonesia. [454]
This terminology provided a way of broadly categorizing the nations of the Earth into three groups based on political divisions. Due to the complex history of evolving meanings and contexts, there is no clear or agreed-upon definition of the Third World. [52] Strictly speaking, "Third World" was a political, rather than economic, grouping. [53]
Following the end of the Cold War and the break-up of the Soviet Union, some Second World countries joined the First World, and others joined the Third World. A new and simpler classification was needed. Use of the terms "North" and "South" became more widespread. [27]
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
In the third quarter of 1981, disaster for the Philippines came when the US economy went into recession, forcing the Reagan administration to increase interest rates. [1] "Third world" countries like the Philippines and many of the nations of Latin America were highly debt dependent, and the size of their debt made debt servicing very difficult ...
In world systems theory, the periphery countries (sometimes referred to as just the periphery) are those that are less developed than the semi-periphery and core countries. These countries usually receive a disproportionately small share of global wealth .