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This study is a comparison of two distinct approaches to governance: the cosmopolitan democracy approach and, the economy-oriented approach. By situating governance at the heart of their analysis of social, economic and political change, these two approaches help us problematize our own political imagination about the limits of politics. While the primary concern of the cosmopolitan democracy approach is democracy, the economy-oriented approach sees governance as a device of economic management. Whereas the first approach sees the nation-state as inherently a problematic structure for the realization of democracy (globalization confirms and accentuates this already problematic nature), for the second approach, it is globalization that makes the nation-state problematic. However, both approaches are problematic: The first model defines democracy only vaguely and its procedures do not guarantee democratic accountability. The second approach subordinates justice and democracy to economic management.