The Vietnam War, the Korean War, the Iran-Iraq or the wars in Afghanistan and Iraq could all have been considered World War III. Even the Arab Spring could be called World War III, since it's taking place in many countries. There are probably others too, if I wanted to think of them. It's just that historians never chose to call them "World Wars", which is the only real criteria. So you could argue it's happening now, has already happened, will happen in the future or will never happen, depending on how you define "World War".
When do you think World War III will begin?
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The Vietnam War, the Korean War, the Iran-Iraq or the wars in Afghanistan and Iraq could all have been considered World War III. Even the Arab Spring could be called World War III, since it's taking place in many countries. There are probably others too, if I wanted to think of them. It's just that historians never chose to call them "World Wars", which is the only real criteria. So you could argue it's happening now, has already happened, will happen in the future or will never happen, depending on how you define "World War".