Concept
Third World
Related concepts (22)
Group of 77
The Group of 77 (G77) at the United Nations (UN) is a coalition of 134 developing countries, designed to promote its members' collective economic interests and create an enhanced joint negotiating capacity in the United Nations. There were 77 founding members of the organization headquartered in Geneva, but it has since expanded to 134 member countries. Cuba holds its chairmanship for 2023, succeeding Pakistan.
Transition economy
A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy. Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization, where prices are set by market forces rather than by a central planning organization.