The article argues that the world order is a complex system of international interactions that is constantly transforming under the influence of various factors. It suggests examining the world order on the basis of an interdisciplinary approach. The peculiarities of the development of the world order are analyzed from various academic perspectives. Examining academic approaches to understanding the world order reveals an absence of a clearly defined interpretation. The differences between the international and global orders are explained in detail. The article finds that there is no single periodization of the world order development and analyses the approaches taken by international organizations, including the OECD, the International Monetary Fund, the World Bank, UNCTAD, and the UN. The analysis confirms that the determination of periods depends on the specific nature of the organization’s activities. Emphasis is placed on the role of global leadership in transforming the world order and its evolution, confirming that the model of the world order and the configuration of global leadership are not always aligned. The article reveals that a new model of global leadership of multi-level and networked nature is emerging under the influence of new global challenges at the start of the 21st century. The authors confirm that, since 2020, the world order has been shaped by new challenges, among which the active phase of the global leadership crisis is particularly noteworthy. This article argues that the crisis of global leadership is a broader phenomenon than a shift in the balance of power, and manifests itself through the decline in the effectiveness of international institutions, the incompatibility of traditional leadership mechanisms with the new structure of the world system, the weakening of the dominance of a single center of power, the decline in trust in multilateral cooperation, and the increasing difficulty of jointly managing global challenges. Five stages in the development of the global leadership crisis are identified, and the main characteristics of each are analyzed. The most far-reaching was the financial and economic crisis of 2008–2009, which led to reforms within the IMF. The article shows that, since the early 2020s, the crisis of global leadership has taken on a multidimensional nature, linked to the COVID-19 pandemic and the war in Ukraine. Signs of a crisis in political coordination within the UN system and the results of voting on UN Security Council draft resolutions over the past decade are analyzed. An institutional crisis in ensuring peace and security is confirmed. The application of restrictive measures in international trade is analyzed. The militarization of national economies is assessed as an indicator of the crisis in global leadership. The article reveals that the transformation of the contemporary world order is creating new conditions for the development of global leadership, but this process also has a reverse aspect. The authors propose directions for the transformation of the contemporary world order, including the reform of global governance mechanisms, the expansion of state representation in international institutions, the modernisation of decision-making procedures, the prevention of the blocking of collective action, the diversification of global leadership, and the harmonisation of global and regional levels of governance based on a network model of interaction. 

globalization, global leadership, world order, international relations, international organizations, economic development, instability, fragmentation, IMF, UN 

The article analyzes the peculiarities of financial competition of countries in the context of financial crises. It confirms that the global economic landscape is undergoing constant transformations that affect the competitive environment and positions of countries and force them to search for new sources and mechanisms for attracting financial resources and introducing innovations. Financial crises are identified as an element of the global economic landscape and their systemic nature is confirmed. The authors argue that financial crises have a significant speed of spread due to the interdependence of countries. The major financial crises are identified and their cyclicality, scale of coverage, and differences in the consequences for countries with different levels of economic development are analyzed. The main phases of the financial crisis of 2007-2009 are identified and analyzed on the basis of credit default swap spreads and Libor-OIS spreads, which allowed assessing the level of stress in the banking sector. The differences with the global crisis of 2020, which had an even more destructive impact on economic growth and financial markets, are substantiated. Emphasis is placed on currency crises that destabilize financial markets and economic development. This has made it possible to identify countries whose competitive positions were affected by currency crises during the pandemic and which faced sharp difficulties in the financial sector. The macroeconomic indicators of individual countries in the pre-COVID and post-COVID periods are analyzed. The article emphasizes the importance of taking into account the level of financial stress for countries during a crisis and evaluates these indices, in particular, the Composite Indicator of Systemic Stress (CISS), which measures systemic financial stress in the euro area, the Country Level Index of Financial Stress (CLIFS), and the Financial Stress Index (FSI), which characterizes problems in the financial sector of Ukraine. Based on the analysis of the dynamics of the Composite Indicator of Systemic Stress (CISS) for the euro area, the main periods of financial stress are identified. The dynamics of the Financial Stress Index for Ukraine confirms that in different periods, tensions in the financial sector were determined by global economic and political events. The impact of financial stress on the financial competition of countries is substantiated. The article analyzes changes in the attraction of foreign direct investment by countries to maintain financial competitiveness and identifies problems in their attraction. The authors confirm that the financial competition of countries covers investments, access to resources of international organizations, the latest technologies, influence on global financial markets, and participation in international trade, which leads to different financial vulnerability of countries to crises. The reasons why financial competition for external borrowing depends on economic stability in the country are outlined. The article suggests mechanisms for increasing the financial competitiveness of countries in the context of financial crises, including the use of alternative mechanisms for raising capital such as digital financial assets and green finance; the use of economic diplomacy tools; increasing the level of digitalization of financial services. 

financial competition, global economic crises, financial crises, financial market, economic development, financial resources, foreign direct investment