Traditional modes of global economic governance are increasingly challenged by two rather novel drivers of international relations: emerging powers and anti-establishment voters in Western countries. The election of Donald Trump and the Brexit vote, on the one hand, as well as the growing assertiveness and new institutions of the BRICS emerging powers, on the other hand, exemplify the new developments. Since both challenges share a preference for nation-centred politics and demand a higher share in international power and resources, an order seems nascent which shows distinct features compared to traditional global governance shaped by universal rules, supranational and international organisations. The development of parallel orders can be countered by better including the demands of the challengers into a reformed conduct of global economic governance which aims at stronger legitimacy through improved accountability and inclusiveness.