This article argues that the condition of women in Third World societies cannot be separated from the colonial experience since the power relationships that were established during the colonial era between Europe and its territories, and between women and men, have not varied significantly and are still recreated through contemporary mechanisms. For example, development projects promoted by Western countries to modernize the Third World have, in the long run, better served their own interests than those of their intended beneficiaries. As (...) a result and contrary to expectations, growth and prosperity still elude the Third World. We also show that during the current international economic crisis, women's unpaid or underpaid labor has become the basis of new development programs and policies and is crucial to the recent phase of capitalist development. We discuss how the structural position and status of women and colonies closely resemble each other and have served as the foundations of the capital accumulation process and the development of industrial nations. The concept of women as a last colony thus becomes a compelling metaphor of liberation and leads us to stress the need for a worldwide process of gender decolonization, entailing the reformulation of power relations between women and men. (shrink)