Third World countries found Socialism attractive because it could increase the redistribution and decrease inequality. Cumming (1995), Hobsbawm, and Cumming (1996) linked socialists from 1914 and early Christians to the belief that an apocalyptic Revolution would eliminate evil and make society happy and non-maltreated. Third World nations were attracted to land reforms. This policy was founded on equality and not production. Most of the time economic growth tended to worsen inequality than it did to reduce income distribution gaps. Income disparities in Latin America, Africa and Latin America were substantial after the Golden Age. However, wealth inequalities were relatively low among Asian countries such as Taiwan and South Korea where progressive land reforms had been implemented by the United States. The socialism of Third World countries’ economies and societies has been exemplified by egalitarian income distribution.
Third World countries are more likely to be socialist because they have been able to nationalize key business enterprises. The government gained the power to manage important enterprises, and to distribute profits to all citizens. Nationalization is significant. Oil production was historically done by Western corporations that had close connections to imperialists. Mexico nationalized its natural resources in 1938. It then began operating them under public ownership. ARAMCO-Saudi Arabia’s 50/50 oil money division was an example for Third World nations of the importance to physically hold natural gas and oil. This gave them an advantage in negotiations with foreign corporations (Hobsbawm, Cumming, 1995). The Organization of Petroleum Exporting Countries, or OPEC, was created by the nationalization of Third World resources. Nationalization led to the capture of power by the founder members of OPEC (Saudi Arabians, Kuwait, Venezuela and Iran).
Third World nations were drawn to socialism because of the benefits it offered its employees. Politically, governments were committed to providing stable employment for their citizens and to reducing inequity (Hobsbawm & Cumming 1995). Third world nations believed that by focusing their efforts on welfare and insurance they could achieve economic parity. People whose jobs were unpredictable due to illness, accidents or any other circumstances have been anxious about the absence of unemployment insurance and social security since late 20th-century. It is status-based social security, not contract-based that makes them so relevant.
Socialism defended the rights of workers, shielding them against low wages and unemployment while ensuring that they were recognized by a trade union. The development of automation had a significant impact on the job options for many people during the industrial age. In industrialized countries, labor costs rose due to the rise in automation.
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