The 3rd world has a lot of markets and natural resources to invest in.
Without third world countries, first world countries (many of which lack essential natural resources) will plummet into civil wars over the high demands of resources such as gold and oil which mainly come from third world countries. All countries-rich or poor, rely on each other.
Yes, the 1st world exploits the 3rd world for cheap raw materials etc. Id just like to point out that 1st and 3rd world are outdated terminology
In the current capitalist system the third world is the global equivalent of the portrait and will be ground underfoot.
Saudi Arabia (3rd World) has 65,746 trades with USA, Chile (3rd world) has 25,991 trades with USA, Brazil (3rd world) has 72,966 trades with USA and I'm pretty sure they also trade with other 3rd world countries. Cheap oil from the middle east and cheap beef from south america.
the statement is not clearly defined hence open to interpretation. What does it mean for the 3rd world not to exist? I assume it does not mean that it spontaneously evaporates but develops into something like the 1st world. If so, the 1st world would not necessarily become the 3rd world but would adapt and overall things would be better for everyone.
The so called first world only needs the third world to live in extreme abundance. The first world can support itself for the necessities of life: food, shelter, and water. In the first world everyone has much more than what they need and because of this they have to take advantage of the third world.