Fifteen years ago in All Politics is Global, I developed a typological theory of global economic governance, arguing that globalization had not transformed international relations but merely expanded the arenas of contestation to include policy arenas that had previously been the exclusive province of domestic politics. In my model, what truly mattered to global governance was the distribution of preferences among the great powers. When great power coordination was achieved, then effective governance would be the outcome. When great power coordination was not, then global governance would exist in name only. Demands for greater content moderation across platforms have increased as the modern economy has become increasingly data-driven. Can any standards be negotiated at the global level? The likeliest result will be a hypocritical system of “sham governance.” Under this system, a few token agreements might be negotiated at the global level. Even these arrangements, however, will lack enforcement mechanisms and likely be honored only in the breach. The regulatory center of gravity will remain at the national level. Changes at the societal and global levels over the past fifteen years only reinforce the dynamics that lead to such an outcome.