How the World Economy Affects the Third World
As many in first world countries struggle with keeping their own home and a job, many in the third world are struggling with simply being able to survive. The economy has been designed so that people are more connected now than before, enabling smaller economies to share in the fruits of success and the hardships of failure of larger nations.
The economy being so closely connected has done both good and bad for the nations of the third world. The third world is being enabled to develop thanks to jobs being imported there from Western nations, creditors are providing loans to families wishing to start businesses, and Western ideas such as widespread education and healthcare are becoming more prominent.Check out this link here.
Not all is good for the third world in the world economy. When the world faces an economic downturn, the third world is affected greatly due to reduced demand leading to reduced production. Also, much of the aid that the third world receives from personal donations slows – often a result of lower incomes or high unemployment. Governments also reduce the amount of aid provided to the third world, preferring to focus on their own rather than those outside of their borders.