The term "Third World" is not universally accepted. Some prefer other terms such as - Global south, The South, non-industrial Countries, Developing Countries, under-developed Countries, undeveloped countries, and so on. The term third world is the one most widely used in the media today, but no one term can describe all less developed countries accurately.
In fact, even in America, there are regions inhabited by indigeneous people with primary living condition and in India there are four persons whose wealth is amongst the ten richest persons in the world.
The ambiguities associated with the term third world are manifold. One complication is the role of oppressed peoples outside the three continents.The Africans and the tribals living in America will not have any place within the defined models of third world. In addition ethnocentrism may be detected in assigning first place to the countries and that the rank ahead of the others according to economic and technological yardstick.
The third world would be placed in the first position if the critaria were the chronology of the human civilisation. In that case Africa (Egypt) , India and China would have higher ranks.
An influential commission headed by Willy Brandt, former Chancellor of the Federal republic of Germany, preferred a dichotomy as indicated by the title of its report, North-South: A programme for survival (Cambridge, Mass.., 1980). This distinction, in between two hemispheres, a less developed country i.e. Greenland, exists in the north where as there are developed countries i.e. Australia and NewZealand in the south.
Theorists such as Immanuel Wallerstein prefers to coin the term " a single world" with Capitalist economy.
Another idea is that the divisions are not rigid, rather the components forming the sections are changing as the disintegration of the second world.