Development of the Third World: Is it a guaranteed certainty, or an unachievable future?
– Devyansh Atharv, O.P. Jindal Global University
ABSTRACT:
Multiple centuries of almost unfettered colonialism to extract profit has left much of the third
world still struggling to escape their persistent poverty. Are these countries condemned to
stagnancy while the core wealthy countries exploit them for labour and profit as per a capitalist
model, or will they ultimately emerge as first world powers themselves? The capitalist
framework revolves around production with the sole intent of maximizing profit. The best
parameter for owners to cut costs and increase profit, is by reducing spending on labour. This
takes them to third world countries, which is replete with a labour force willing to work for
very meagre wages.