This article offers a critical assessment of Fred Halliday's theorization of the Cold War and, in particular, his attempt to offer a more global perspective on it through a greater focus on the role of developments emanating from the Third World as constitutive of the Cold War. The author argues that although Halliday's theorization of the Cold War as ‘inter-systemic conflict’ is a major advance in our understanding of the Cold War—through the attention it pays to the causal linkages between capitalist development and imperialism, revolutionary transformations and superpower geopolitical confrontations—it fails, ultimately, to fulfil its potential as a theory of global Cold War. Halliday's temporalization of the Cold War and his insistence on the autonomy of the superpower arms race and strategic competition end up detaching developments in the Third World from the axis of superpower conflict and, consequently, suggests a residual Eurocentrism within his theory. The article begins by contextualizing the wider theorization of the Cold War and the (absence) place of the Third World in it. It then proceeds to assess critically Halliday's conceptualization of the Third World in the Cold War. The final section outlines an alternative theoretical framework for a theory of global Cold War that builds on elements of inter-systemic conflict focused on how geopolitical confrontations involving the superpowers derived from the revolutionary consequences of uneven capitalist development.