When my sophomores are learning about the causes of WWI, I teach them the mneumonic M.A.I.N. (causes of WWI). Looking at the situation in Eastern Europe, I'd say that all of the factors that contributed to
Millitarism: The Russians are definitely ramping up military spending and procurements. NATO nations are being urged to keep pace.
Alliances: You've already got NATO, and Russia's trying to assemble a Eurasian [economic] Union (which, I'm sure will somehow be twisted to accomodate a military component). If the Russians and Chinese sign some sort of mutual defense pact or military alliance...
Imperialism: Putin might say otherwise, but, in practice, empire-building (or rebuilding) is what Russia's doing in East Ukraine. And Moscow would argue that the U.S. is up to no good in the Middle East. Putin's also accused the U.S. of practicing economic imperialism around the globe.
Nationalism: Putin's trying to get the Russians riled up and behind his nationalistic endevours (see the Sochi Winter Olympics) but some reports suggest that many Russians are unhappy with Russia's expansionist adventures in East Ukraine. It's not just Russia. In other European nations, right-wing natioanlist parties have been making inroads in national and EU elections.
All of the ingredients are there. If the heat keeps getting turned up, and politicians keeps stirring the pot, things could potentially boil over.
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