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I always thought that the first second and third world divisions were post WWII.. 'western' axis powers v russian and cold war communist powers (second world) and the rest (african / asian) being 3rd world.
Now of course 3rd world is considered un-PC and its supposed to be 'developing' countries but still personally think it applies..
Problems arise around places like Singapore, (definately not 3rd world but geographically not 1st either) Turkey, (Geographically unsure but economically not a 1st world country IMHO) and others in a similar vien.
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