Niall Ferguson argues that the Allied victory in 1945 did not bring peace to most of the world, only to the northern hemisphere. This episode follows the proxy wars the United States and the Soviet Union fought through smaller nations across the southern hemisphere, conflicts that killed millions while the great powers stayed focused on their own cold war standoff. Ferguson traces how decolonization and rising nationalism fed genocidal racial violence in region after region, largely ignored by governments preoccupied with Washington and Moscow. Dramatic re-creations sit alongside archival footage to put faces on conflicts that rarely made headlines at the time, and Ferguson connects the fighting directly to the collapse of European empires and the scramble over resources left behind. The through-line is uncomfortable: the war that supposedly ended in 1945 kept killing people for decades afterward, just somewhere the cameras and diplomats were not looking. The episode closes by tracing that legacy forward into the political map of the postwar third world.