Developed and Developing, West and East, North and South...who is governing international terminologies?

Me and my " Third world" countries classmates, always whisper to each other, when professors talk about developing and developed countries issues, we wonder who has let them to call us developing, while we perceive ourselves " developed" from some aspects!
I don't dare these days to talk about cheap Indian labors in front of Indian friends, while it is so, they disagree and point to mass of articles published every day on "Indian economy emergence", in developed countries media!
Of course I can not remember those bright historical era in which Persian emperor was centre of gravity of civilization and simply did the same that Europe and US are doing now: putting themselves in centre and name their left and right hand sides, "less civilised lands"; equivalent to East, South, Third World and Developing countries today.

Every one who has got more power, more social and scientific influence, more innovative approaches to humanity and understanding its nature, etc. has this historical right to govern international terminology!