I think that the term "third world" shows that the person from the "first world" feels some sort of superiority. I have lived in Lima for 27 years and in the US for 17 years and I can only say that life is different in each place. There is almost no inflation in Peru. There is an exchange rate. Gasoline is more expensive in Peru. Food and housing is cheaper. There is no "lack of respect". There are only some cultural differences.