third world countries

According to nations online,
first world countries are “developed, capitalist, industrial countries, roughly, a bloc of countries aligned with the United States with more or less common political and economic interests”.

Second world countries are “former communist-socialist, industrial states, (formerly the Eastern bloc, the territory and sphere of influence of the Union of Soviet Socialists Republic)”

And a third world country is one that doesn’t fit the two previous definitions.

Um, that’s it? No gdp calculations? No per capita income criteria? If you’re industrial and you agree with the US, you’re a first world country? If you don't and you're not Eastern bloc, you're automatically third world?

What kind of retarded classification system is this?