The capitalist countries led by the US were politically designated as the First Worlds, while the communist states led by the Soviet Union came to be known as the Second World states, outside these two were called third World. During the Cold War, third World consisted of the developing world the former colonies of Africa, Asia, and Latin America. With the break up of the Soviet Union in 1991, and the process of globalisation, the term Third World has lost its relevance.
