The concept of the "third world" was used in contrast to the "first world" (developed capitalist countries) and the "second world" (socialist or communist countries). It was often associated with countries that were economically underdeveloped, had low living standards, and lacked industrialization and political stability.
The term "third world" has been criticized for being overly simplistic, inaccurate, and perpetuating stereotypes about developing countries. It was used in Western geopolitical discourse as a collective term to refer to countries in Africa, Asia, and Latin America, without considering the vast differences and diversity within these regions.
Nowadays, the term "third world country" is generally considered outdated and has been replaced by more nuanced and specific terms, such as "developing country," "least developed country," or "low-income country." These terms recognize the diversity of economic, social, and political circumstances among countries and allow for more accurate analysis of their respective development challenges.