Based on the dimensions of (1) marketization, (2) political governance centralization, and (3) public accountability regarding technically compound choices (such as the provision of pure public goods), a “governance cube” is introduced for discussing the evolution of governance under polycentric dynamism and transformational challenges. I sketch some of the ways in which this framework is related to/is built upon relevant strands of theory, notably public good theory. It is shown to allow for a symmetric critical perspective on extreme (corner) “solutions”, as well as for distinctions such as the one between market failure and “failure of the market” which may help in steering clear of pitfalls in governance reforms under conditions of current transformational challenges.