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Most major transnational corporations (TNCs) are domiciled in the First World and are owned and controlled largely by citizens of these countries. On the basis of an analysis of the largest corporations outside the USA by revenues published annually by Fortune magazine since the 1950s, this paper demonstrates that there have been major corporations from the Third World for decades. Most of the literature on Third World TNCs concentrates on the large number of relatively small companies that have operations abroad in low technology sectors. The argument of this paper is that systematic study of major corporations from the Third World is important for debates about the national bourgeoisie, comprador capitalism and the controversy that currently surrounds the contentious concepts of the developmental state and globalization. [ABSTRACT FROM AUTHOR]