The existing International Economic Order has been playing a significant part in world economic growth since WWII, yet it has failed to produce positive results in the new globalization trend even after several adjustmentsTrump administrations discard of existing International Economic Order, combined with his antiglobalization initiatives, reveals the doom of the old Order and calls for new measures to manage international affairsGlobal governance was introduced by the Socialist International to target the issues like externalities and public products supplying of globalization processAlthough by definition Global Governance goes beyond International Economic Order, it has not been accepted on global scale, and when it comes to taking actions to manage global affairs, it was overwhelmed by market fundamentalism and other mainstream opinionsThis paper emphasizes that during the process to reframe and restructure the world economic order, global governance should be improved at both theoretical and practical level