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Thirld world is a term used to describe states considered to be undeveloped in terms of economy, industrialization, standard of living, health, education etc. A French economist Alfred Sauvy first used this term in the French magazine in 1952. He used analogy to with the “third estate”. Like the third estate, the Third World has nothing and wants to be something. Savoy implies that the third world is exploited, like the third estate was exploited. He referred to countries in Latin America, South Asia, Africa and Oceania. By the end of the 1950’s the term was used to refer to the underdeveloped countries of Asia, Africa, Oceania, and Latin America. Most of Third World countries were former colonies. After decolonization their economies developed slowly. Only the oil-producing countries succeeded in escaping the domination of the world economy and domination of western countries.