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Third World, Doing Business in the

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The term "third world" came into use in grouping countries by their economic status. The industrialized countries located mainly in the West were categorized as the "first world," the once-communist countries of the East as "second world," and the rest of the developing countries as the "third world." With the dismantling of the Soviet Union and the discarding of communism by the Eastern European countries, the "second world" has lost its meaning and the term "third world" has become a misnomer.

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