Debt of developing countries

The debt of developing countries refers to the external debt incurred by governments of developing countries, generally in quantities beyond the governments' ability to repay. "Unpayable debt" is external debt with interest that exceeds what the country's politicians think they can collect from taxpayers, based on the nation's gross domestic product, thus preventing it from ever being repaid. The causes of debt are a result of many factors.

Some of the current levels of debt were amassed following the 1973 oil crisis. Increases in oil prices forced many poorer nations' governments to borrow heavily to purchase politically essential supplies. At the same time, OPEC funds deposited in western banks provided a ready source of funds for loans. While a proportion of borrowed funds went towards infrastructure and economic development financed by central governments, a proportion was lost to corruption and about one-fifth was spent on arms.

Debt abolition

Third World

The term Third World arose during the Cold War to define countries that remained non-aligned with either NATO, or the Communist Bloc. The United States, Western European nations and their allies represented the First World, while the Soviet Union, China, Cuba, and their allies represented the Second World. This terminology provided a way of broadly categorizing the nations of the Earth into three groups based on social, political, cultural and economic divisions. The Third World was normally seen to include many countries with colonial pasts in Africa, Latin America, Oceania and Asia. It was also sometimes taken as synonymous with countries in the Non-Aligned Movement. In the dependency theory of thinkers like Raul Prebisch, Walter Rodney, Theotonio dos Santos, and Andre Gunder Frank, the Third World has also been connected to the world economic division as "periphery" countries in the world system that is dominated by the "core" countries.

Due to the complex history of evolving meanings and contexts, there is no clear or agreed-upon definition of the Third World. Some countries in the Communist Bloc, such as Cuba, were often regarded as "Third World". Because many Third World countries were extremely poor, and non-industrialized, it became a stereotype to refer to poor countries as "third world countries", yet the "Third World" term is also often taken to include newly industrialized countries like Brazil, Russia, India and China (see also: BRIC). Historically, some European countries were part of the non-aligned movement and a few were and are very prosperous, including Austria, Ireland, Sweden, Finland, and Switzerland.

Third World (band)

Third World are a Jamaican reggae band formed in 1973. Their sound is influenced by soul, funk and disco. Although they have undergone several line-up changes, Stephen "Cat" Coore and Richard Daley have been constant members.

History

Third World started when keyboard player Michael "Ibo" Cooper and guitarist (and cellist) Stephen "Cat" Coore (son of former Deputy Prime Minister David Coore), who had originally played in The Alley Cats then Inner Circle, subsequently left to form their own band along with Inner Circle singer Milton "Prilly" Hamilton. They recruited bassist Richard Daley, formerly of Ken Boothe's band and Tomorrow's Children, and added drummer Carl Barovier and former Inner Circle percussionist Irvin "Carrot" Jarrett before making their live debut in early 1974.

After recording some tracks with Geoffrey Chung which were not released, the band's first single was the self-produced "Railroad Track" (1974). In their early days they played primarily in Kingston's hotels and nightclubs and (along with The Wailers) supported The Jackson Five when they played at the Jamaican National Stadium.

Third World (disambiguation)

The term Third World is usually used:

Third World can also refer to:

See also