Global threats such as climate change, health crises, and disruptive new technologies transcend national boundaries and require a common response. Yet the world is witnessing heightened geopolitical tension as China’s rise confronts US resolve to prevent the emergence of a “peer competitor” in Eurasia. With power dynamics shifting, regions and potential regional hegemons assume a greater role as balancers or disruptors of world order. Today’s predicaments can be conducive to cooperation among competing powers. But it will be essential to proactively manage, if not always solve, geopolitical disputes to foster the trust and stability conducive to effective global governance. The focus should be on institution building, not blocs, and on peaceful competition despite varying forms of governance, not containment or confrontation.