Definitions of the Third World

In the discussions of BRIC there are comments of how Brazil is no longer part of the "Third World". I wouldn't categorize Brazil or Argentina or Chile as ever being part of the "Third World". At the last turn of a century these countries had living standards comparable to Western Europe. These countries had developed export markets, bustling cities, an educated populace, influxes of skilled emigrants. The problem that these countries had/have is not abnormally low living standards but a lack of growth for the last century or so.

I would describe these South America countries as not the third world but as fallen First World countries.