There has been a growing and persistent narrative in political and economic spheres consulting that the Global South experiences an ever-increasing economic ascent. Consequently, the rise of the Global South is currenttly considereded as a major factor in contemporary economic and political areas worldwide having started and perpetuating significant challenges and changes to the existing world order. The countries in the Global South challenge and change the world economic and political systems via infuriating the current institutional structures; means and directions of international interactions, including all areas of IB activities; as well as the established international rules and their implementation. Consequently, the above stated issues challenge the established IB paradigms, interfere with trade and investment flows, the functioning of the global supply and global value chains, just mention but a few. All of them set new requirements to IB research with subsequent implications for IB teaching. Current review of extant publications exemplifies that, rather than using the Global South to signify a rigid grouping of nations, it is more appropriate to refer to it as an initial, yet flexible, principle to direct our understanding of the changing international economy and world order.