Before giving direct verdict on this, let's us first build some foundation for this discussion. As a matter of fact, we always need to analyse history before prognosticating any future event. We will do the same for this article. First we will look into history including causes of WW1 and WW2 then we will relate those events with prevalent situations of the World. Based on this discussion, I will conclude this blog with final remarks whether WW3 is looming or not.
Reasons that led to WW1
1. Alliances: Before WW1 Europe was divided into two blocks. Germany, Italy and Austria &Serbia on one side and to counter it TE was formed by Britain, Russia and France.
2. Hegemony: Powerful countries started annexing weak countries in order to fulfill their national interests. Also extreme nationalism further pushed world to WW1.
3. Arms Race: Acquiring Arms and developing military strengths were at peak before 1st World War.
4. Multi-polar World It's is believed that world is more peaceful and stable when there exists uni-polarity. Uni-polar world means that there is only one super-power which leads the world affairs. Bi-polar world means when there are 2 super powers in the world. World before 1990 was bipolar US on one side Russia on other. Bipolar world is considered to be less stable as compared to uni-polar world. Then comes multi-polar world which is least stable and prone to destabilization and chaos. World before WW1 was multipolar.
Causes behind WW2
1. Failure of League of Nations: Primary objective of League of Nation was to save world from the destruction of Wars. League of Nations failed because of non-cooperation of strong nations and their biased policies.
2. Arms Race: Arms Race was again at peak, Germany was set to develop nuclear arsenals and to counter it Britain and US also pay heed to it. Countries allocated major portion of their budget for advancement of arms and to increase its military power.
3. Hegemony: Country who controls sea, controls the world, Before WW2 naval force of British were considered to be indisputable. And finally, when Germany invade Poland, Britain and France declared a war on German- WorldWar started.
4. Alliances: Same, as were before WW1. German, Italy and Japan vs US UK France etc.
5. Multi-polar World: World before WW2 was Multi-polar
Today's World
North Korea and US are at loggers head. So yes hostilities between nations exists as it were before WW1 and WW2. China and India have disputes. Pakistan and India are at daggers drawn over the issue of Kashmir and much more.
UN is getting weaker and weaker. International Criminal Court is facing backlash over its inclination towards powerful countries.
Arms race is many folds greater than as it was before the other worldwars.
Arab spring and unrest in Middle East, Rohingya and other crises are signs of the World at the brink of disaster.
World is moving towards multi-polarity, china and russia claim they are super-powers on the other hand USA is already there to claim it. India's economy is growing and also they are advancing their military equipment.
SouthChina sea dispute is yet another issue which can involve many countries in conflict because its one of the important route for trade. US and especially India will never want China to take control of it.
Trumps recent stance on Jaruselam has incite bitterness in Muslim countries. The only hope left for peaceful negotiation bw Israel and Palestine has been now over after Trump's declarations of Jarusalem as Israel's capital.
Conclusion
If we compare today's world with the world before WW1 and WW2, it can be inferred that today's world conditions are much worse than that of before WW1 and WW2.