Maoism Third Worldism seems like odd a term to me, then I'm Cold War brained, so this must be a post Cold War term at least in meaning. Otherwise I can see why Maoism could be consider popular, it doesn't rely on the need of political alliances of Marxist-Leninism, even if they were for the short term.
How in terms of a story, there's a lot things you would have to grapple with for a Third World Centric nation. If it's the Cold War proper, then it depends on the region. Some areas have to deal with the lid on newfound nationalism get blown open as the colonial Empires start to recede, what happens politically with whatever a system a colonial overlord left in place, assuming they did so in the first place. Where does x nation sit in terms of the gaze of the Superpowers. Mind you it's always best to look at both the Soviet Union and the U.S as accidental Superpowers as far as the Cold War goes, these are great powers stumbling into an international stage they've never been apart of outside of a group of semi-relatives not the only two dancers on the stage.