Studies of global governance typically claim that the state has lost power to nonstate actors and that political authority is increasingly institutionalized in spheres not controlled by states. In this article, we challenge the core claims in the literature on global governance. Rather than focusing on the relative power of states and nonstate actors, we focus on the sociopolitical functions and processes of governance in their own right and seek to identify their rationality as practices of political rule. For this task, we use elements of the conception of power developed by Michel Foucault in his studies of “governmentality.” In this perspective, the role of nonstate actors in shaping and carrying out global governance-functions is not a...