Although there remains considerable dispute about Global Civil Society (GCS) - whom or what it includes, whether it is international or truly global, and how it is constituted - there is no doubt that the agents, actors, organisations, and institutions of transnational social and economic exchange and action exist. But what is GCS? Is it a space or locus of sovereign agents, or merely a structural effect? Does it wield compulsory power or it is a mere epiphenomenon, a reflection of the state system? Is GCS an institutional phenomenon, the result of the exercise of power by other actors, or is it a productive phenomenon, constituted by the social roles and relations growing out of contemporary states and markets? In this article, I adopt a neo-Hegelian approach, and propose a dialectical relationship between developing modes of global political rule and the markets that it shapes and governs. I problematise GCS as a central and vital element in an expanding global neo-liberal regime of governmentality, which is constituted out of the social relations within that regime and which, to a large degree, serves to legitimise that regime.