The article characterizes selected key aspects of the new relations of political and economic power in the world shaped by Russia’s aggression against Ukraine since 24 February 2022. This invasion is considered another significant turning point in the twilight of the liberal international order shaped after the end of the Cold War in 1989 and a catalyst for changing the balance of power in international relations (SM) and the international political economy (IME). The course of Russia’s aggression against Ukraine is a symptom of the decline of the dominant position of the richer countries of the Global North over the less developed countries of the Global South. The novelty of the article lies in the characterization of selected global consequences of Russia’s aggression against Ukraine using the most influential SM and MEP theories. The author formulates the hypothesis that Russia’s aggression against Ukraine is a new type of ‘proxy war’ testing the capabilities and effectiveness of the main actors of SM, i.e. the United States and China. Issues discussed include the impact of the crisis of liberalism on changes in the dominant paradigms in the approach to SM and MEP, the specificity of the war in Ukraine, as well as its key consequences seen from the perspective of selected aspects of neoliberalism, neorealism and contemporary mercantilism.
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