The term "Third World" was a historical and somewhat outdated categorisation used during the Cold War era to refer to the less developed societies and nations in the world that were not aligned with either the First World (Western industrialised capitalist countries) or the Second World (communist and socialist states led by the Soviet Union). These countries, often located in Asia, Africa, and Latin America, were typically characterised by low levels of industrialisation, poverty, and dependence on agriculture or the extraction of raw materials. The majority of the world's population lived in Third World countries during this period. With the end of the Cold War and the increasing complexity of global economic and political landscapes, the term "Third World" has become less commonly used and is often considered problematic due to its overgeneralisation and implication of a hierarchical global order. More contemporary and nuanced terms like "developing countries," "low- and middle-income countries," or specific regional classifications are now generally preferred.