Chapter 8 explains the fundamental misalignment between the structure of the global economic fundamentals and the global governance system. While the structure of the GVC is now a tripod with Asia, Europe, and North America as the three legs, the global governance system is still led by the United States alone. As globalization enters the era of global innovation, the core public goods that the world needs have changed, and so should the nature of global governance. Hegemonic succession should come to an end, to be replaced by competitive coexistence of great powers. The new world order can have two layers: a global layer, comprising global governance institutions to handle multilateral issues; and a tripod regional layer, comprising regional governance institutions to handle regional issues such as trade and investment rules.