The Mudcat Café TM
Thread #102499   Message #2242574
Posted By: Kent Davis
23-Jan-08 - 12:21 AM
Thread Name: BS: Crash of U.S. Economy
Subject: RE: BS: Crash of U.S. Economy
CaroleC,

You said that, in my November 14, I was "using a definition of 'Third World country' that [I] have created in [my]own mind..." That was certainly not my intention. I was using the term "Third World" to refer to countries such as Bolivia, Kenya, Guinea, and Cambodia. Obviously I need to learn a new definition. Where did you find yours?   
I have learned so much from your posts. You mentioned that "One of the criteria for Third World status is dependence upon exportation of primary products to other countries in return for finished products." That would be countries like Bahrain, Qatar, Saudi Arabia, Kuwait, and the United Arab Emirates, wouldn't it?
You also mentioned, "Another criteria is the degree of disparity between rich and poor." I never knew it was the degree of DISPARITY that made the difference! I always thought it was the degree of POVERTY! In your June 17 post you said, "We are supposedly the wealthiest nation on the earth and we're two categories behind India when it comes to equitable distribution of wealth. We have become a Third World nation."   
I looked back at the graphic you referred to then. Imagine my surprise when I saw that Canada and Ethiopia are in the same category when it comes to equitable distribution of wealth. Does this mean that Ethiopia is a "First World" country? Or is Canada a "Third World" country? Then I noticed that Rwanda and Uzbekistan are in the same category as Germany and Sweden. Their wealth is distributed MORE equitably Ireland's, the UK's, Switzerland's, or Italy's. So is Rwanda a "First World" country? Is Switzerland a "Third World" country?
Also you mentioned, "Another attribute that is common with Third World countries is enormous debt. When a massive amount of a country's GDP is devoted to servicing its debt, that country is generally to be found in the Third World." The U.S. Federal Public Debt, as a percentage of GNP, is currently about what it was in the early 1940s, the middle 1950s, the early 1990s, and the late 1990s. It was much lower in the early thirties, the late 60s, and the early 70s. So, if I understand you correctly, the U.S. was a "First World" country before the New Deal started, and also during the Nixon-Ford years, but has been a "Third World" country since about 1993. Is that it?
Thank you so much for your help.   

Kent