The world we live in today no longer resembles the one we knew just ten or fifteen years ago. Rules that for decades were considered unquestionable – from international law, through free trade, to the role of global institutions – are today being questioned, violated, or bypassed. Talk of a “new world order” is no longer a theoretical debate reserved for academic circles, but a daily political and economic reality.

The key question, however, is this: are we witnessing the birth of a new order, or are we merely in a phase of chaotic disintegration of the old one, without a clear vision of what comes next?

The end of the illusion of stability

After the end of the Cold War, an impression was created that history, in a political sense, had found its final form. Liberal democracy, globalization, and the Western economic model were proclaimed a universal solution. International institutions such as the United Nations, the World Trade Organization, and the International Monetary Fund were supposed to be guarantors of stability, predictability, and common rules, and today this is less and less the case. A typical example was the formation of the Peace Board, which was promoted recently in Davos in January 2026.

Today, that illusion has disappeared. Wars are being fought on European soil, global powers openly challenge the existing order, and rules are applied selectively – depending on the interests of those who hold power. The old system no longer functions, but the new one has not yet been fully shaped.

A multipolar world – reality, not a choice

One of the key characteristics of the new era is the end of the unipolar world. The dominance of a single power, as we witnessed at the end of the 20th and the beginning of the 21st century, is becoming impossible. Instead, we are entering a multipolar system in which several major centers of power – the United States, China, the European Union, Russia, India, and other rising powers – simultaneously shape global trends.

This model in itself is neither good nor bad. The problem arises when multipolarity is not accompanied by clear rules of the game. Instead of balance, we get constant crises, conflicts of interest, and competition without control mechanisms. The world becomes an arena of constant uncertainty.

Power is shifting – from politics to the economy and technology

Unlike earlier eras, today’s order is not determined exclusively by military strength. Key power increasingly lies in the economy, energy, technology, and control of data. Artificial intelligence, digital platforms, supply chains, financial markets, and energy resources are becoming new battlefields. Banks are beginning to play by completely new rules at the global level.

States that do not understand this change risk remaining permanently marginalized. The new world order does not reward only powers with large armies, but those that possess knowledge, capital, innovation, and the ability to adapt quickly. Unfortunately, the countries of the Balkans where we live hardly follow new trends at all. Speaking of Bosnia and Herzegovina and its entities, there is no direction of movement that fits into new global policies. The entire political narrative is reduced to the promotion of individuals and their policies that are exclusively focused on personal matters and struggles: either with other politicians or with themselves (which is very often visible).

In Bosnia and Herzegovina, which applies to both entities, for example in energy terms, there is an increasing collapse of the energy sector, which has shown that it is weak and in very poor condition, even though millions of investments have been presented over the past decades.

Weakness of institutions and the return of “raw politics”

International institutions, as we know them, today appear exhausted and often powerless. Their legitimacy is being questioned, and their ability to impose decisions is decreasing. Instead of multilateralism, the world is returning to bilateral agreements, regional alliances, and ad-hoc coalitions.

This means a return to “raw politics of interest,” where morality, universal values, and common principles give way to pragmatic, often short-term decisions. In such an environment, small and medium-sized states face particular challenges – they must learn how to balance, negotiate, and survive between major players.

A new order without ideology

Unlike the previous century, today’s conflicts are not ideologically pure. The struggle is not between clearly defined systems, but between interests, governance models, and different visions of the future. This makes the new order more unclear, but also more dangerous – because there is no single framework that would limit the escalation of conflicts.

The world is entering a phase in which stability is no longer taken for granted, but something that must be constantly rebuilt.

Conclusion: transition, not a final answer

The new world order is not yet complete. We find ourselves in a transitional period – between a system that is collapsing and a system that is still searching for its form. This is not a final collapse, but it is the end of one long cycle.

For states, companies, and individuals, the message is clear: the old rules no longer fully apply, and the new ones have not yet been written. In such a world, those who survive are those who understand change, who think strategically, and who do not wait for the future to be imposed on them.

The question is no longer whether a new world order is coming. It is already here. The real question is – who will have a voice in it, and who will be merely an observer.

The author is a lawyer and president of the Supervisory board of the StandardPrva group. He is a member of Chatham House and the Serbian group of the Trilateral Commission.

/ / /

"Standard Prva" LLC Bijeljina is a company registered in Bijeljina at the District Commercial Court in Bijeljina. Company’s activities are accountancy, repurchases of receivables, angel investing and other related services. Distressed debt is a part of the Group within which the company repurchases the receivables, which function and are not returned regularly.

Lawyer’s Office Stevanović is the leading lawyer’s office in the region with the seat in Bijeljina. The LO abbreviation represents Lawyer’s Office of Vesna Stevanović and Lawyer’s Office of Miloš Stevanović.

Contact for media press@advokati-stevanovic.com or via telephone 00 387 55 230 000 or 00387 55 22 4444.