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RE: Damned if we do, and damned if we don't!
We would not become a third world country. The concept of First World originated during the Cold War and included countries that were generally aligned with NATO and opposed to the Soviet Union during the Cold War.
It really isn't anything to do exactly with the current economic state per say. It ending in 1991.
Blue is is first world which is US allies Red is 2nd which is allies of the soviet and 3rd is countries that are neutral. I hope that helps clarify it!
PS my 15 year old taught me about this!
You are correct. The economic concept later forced the terminology change to Developed nations and Developing nations but the notion of first, second and third world in reference to quality of life remained.
I had always thought it meant poor countries as well and had no clue about the cold war concept til my daughter had learned about it in school and schooled me on the subject...