Second World

Search Dictionary

Definition of 'Second World'

The Second World is a term that was used to describe the former communist countries of Eastern Europe and the Soviet Union. These countries were characterized by their centrally planned economies and their lack of political freedom. The term "Second World" was first used in the 1950s, and it was used to distinguish these countries from the First World, which consisted of the United States and its allies, and the Third World, which consisted of the developing countries of Africa, Asia, and Latin America.

The Second World countries were heavily influenced by the Soviet Union, and they adopted many of the same economic and political policies. These countries were also closely aligned with the Soviet Union in the Cold War. The Second World countries began to experience economic problems in the 1970s, and many of them began to transition to market economies in the 1980s and 1990s. The collapse of the Soviet Union in 1991 led to the end of the Second World, and most of these countries have now become members of the European Union or the North Atlantic Treaty Organization.

The term "Second World" is still sometimes used to describe the former communist countries of Eastern Europe and the Soviet Union, but it is no longer a widely used term. The term "Second World" is often contrasted with the term "First World," which is used to describe the developed countries of North America, Europe, and Japan. The term "Third World" is used to describe the developing countries of Africa, Asia, and Latin America.

The Second World countries were characterized by their centrally planned economies and their lack of political freedom. These countries were also closely aligned with the Soviet Union in the Cold War. The Second World countries began to experience economic problems in the 1970s, and many of them began to transition to market economies in the 1980s and 1990s. The collapse of the Soviet Union in 1991 led to the end of the Second World, and most of these countries have now become members of the European Union or the North Atlantic Treaty Organization.

Do you have a trading or investing definition for our dictionary? Click the Create Definition link to add your own definition. You will earn 150 bonus reputation points for each definition that is accepted.

Is this definition wrong? Let us know by posting to the forum and we will correct it.