Introduction Until recently, the majority of political scientists used to refer to the process of Globalisation as such that was bound to gain ever faster momentum as time goes on. This, in turn, explains the popularity of the concept “global governance” through the 1990s and the 21 st century’s first decade. After all, throughout the historical period in question, global governance was seen as the most natural/logical instrument of facilitating Globalisation on a worldwide scale. Nevertheless, the rapid deterioration of international law, which has been defining the political realities in the world since 2014, resulted in undermining the term’s validity to an extent. Subsequently, there has been a substantial increase of definitions as to what the notion of global governance stands for. Moreover, it now accounts for a common practice among politicians and political scientists to claim that the concerned notion is misleading. Therefore, there is nothing incidental about the fact that, as of today, evaluating the effectiveness of global governance’s practical implementation on both international and regional levels is widely regarded as a rather challenging undertaking. This simply could not be otherwise: the abundance of theoretical premises behind the concept of global governance naturally legitimises even the most obscure interpretations of the term’s practical significance. Nevertheless, the author believes that it is still possible to gain a better understating of global governance, as a tangible tool for making this world a better place. This objective can be achieved by mean of subjecting it to an analytical inquiry and interpreting the possible implications of the would-be acquired insights into the subject matter in question. While conducting research, the author expects to find evidence as to the fact that nowadays, the term “global governance” is being primarily evoked for rhetorical purposes and that the concept’s practical deployment is bound to suffer from the lack of efficiency. At the same time, however, the author anticipates discovering the objective indications of the concept’s high value as a “thing in itself”. Literature Review Global Governance As it was implied earlier, there is a good reason to assume that the emergence of the “global governance” concept has been objectively predetermined by the very logic of historical progress. Even though it was specifically through the late 1990s and early 2000s that the concerned concept became deeply embedded into the paradigm of international relations (IR) as we know it today, its origins can be traced back to the formation of the League of Nations in 1920. This particular development was reflective of people’s growing awareness of the fact that, in order to be able to prevent the outbreak of yet another world war, humanity must institutionalise some kind of a transnational legislative body, in charge of exercising certain control over the fluctuating dynamics in the field of IR (MacQueen 2018). However, the League of Nations has failed rather miserably, in this regard: the year 1939 marked the beginning of the WW2. After the defeat of the Axis powers at the hands of the Allies, the League of Nations was disbanded (1946) and sub-sequentially reorganised (1948) in what today is known as the Organization of United Nations (UN), with the US, USSR (Russia), France, UK