Fourth World Definition
What is the Fourth World? The Fourth World is an outdated term used to describe the most underdeveloped, poverty-stricken, and marginalized regions of the world. Many inhabitants of these nations…
Is Industrialization Good for the Economy?
Industrialization is the process by which an economy moves from primarily agrarian production to mass-produced and technologically advanced goods and services. This phase is characterized by exponential leaps in productivity,…
First World
What Is the First World? «First world,» a term developed during the Cold War in the 1950s, originally referred to a country that was aligned with the United States and…
Disguised Unemployment
What Is Disguised Unemployment? Disguised unemployment exists when part of the labor force is either left without work or is working in a redundant manner such that worker productivity is…