The concept of “Liberal International Order” (LIO) is one of the most popular in contemporary international relations. LIO received global recognition and became a key factor of international politics after the Second World War. Studies of the LIO have gone through periods of peaks and valleys since the Second World War. Nowadays, the studies are once again at the epicenter of political discussions. Academic studies of the LIO face difficult challenges since the concept has found itself in a ‘grey zone’ between two well-established disciplines — political science and economics. Two factors, which signaled a deep crisis of the LIO are: 1) disaffection of people living in Western democracies in multiple negative effects of globalization; 2) the progressive rising of powers such as China and Russia, whose political regimes are currently defined as illiberal. For many states in different parts of the world, the LIO did not generate prosperity for a majority of their population. Rather it led to an economically painful transformation from previous socio-economic systems as well as rising inequality. Member states of BRICS and of SCO have been and still are more respectful of the principles of the traditional Liberal International Order than the USA and western European countries. China currently is promoting a non-Western version of globalization, but it is still globalization with low customs barriers and the free movement of people, services and capital.