This paper explains that the Cold War was a globalized conflict, which dragged every
nation into the geopolitical game being
played by U.S.S.R. and the U.S. It shows how the third world nations of Africa, Middle East, Asia and Latin America had severe
economic repercussions under the shadow of the superpowers. The author points out that the 'Guatemalan Affair' is an instance of how the U.S. used its economic might to create instability in this Latin nation and use the opportunity to install a favorable puppet government. The paper relates that the Cold War had a positive
effect of the economic recovery of Japan and Germany, spurred scientific research and served as a proxy war. Table of Contents Introduction Cold War (Effect on Japan and West Germany) Effect on Third World Countries Guatemala Affair Cold War and Africa Iran-Contra Affair Cuban Missile Crisis Gorbachev and the End of Cold War Conclusion