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The Cold War brought a series of dangers to the world, which nearly led to the outbreak of the third world war in the 20th century. The direct result of the Cold War was the formation of military alliances, which further increased the tension between the communist countries and the "free world". The North Atlantic Treaty Organization (N.A.T.O.) was formed in April 1949. As a result of this Treaty, the nations in western Europe were drawn together under American leadership.
The Soviet Union looked at these anti-communist moves with fear. She concluded the Warsaw Pact with her satellites in May 1955, which included most communist states in Europe.
The tension of the Cold War also affected Asia. On October 1, 1949, the People's Republic of China was proclaimed. This Communist triumph was a great shock to the United States. The sheer physical size of Soviet Russia and China, and of their combined populations, gave a double threat to the American policy of containment. It was against this background that a full-scale war broke out in Korea on June 25, 1950. The war ended in a virtual stalemate at the 38th parallel. Finally in July 1953, with the help of the United Nations, an armistice was arranged. It was agreed to restore the status quo ante: Korea remained divided along the 38th parallel. The effects of the Korean War were that China was protected by a buffer state, North Korea, in her northeast; and China and the Soviet Union became close allies after the war. However, that made the US more "friendly" to Japan and Taiwan, and international relations became more complicated.
If you want more information, please refer to the following links:
http://www.thecorner.org/hist/europe/coldwar.htm
http://wiki.answers.com/Q/How_did_the_Cold_War_effect_Asia