This chapter examines whether and to what extent emerging countries may be able to engage in alternative approaches to trade regulation among themselves and in their relations to developed economies. It shows that liberal orthodoxy is in retrenchment. It documents the reservations that many emerging powers have about the neoliberal approach, and shows the conflict between some trade rules and state-led development strategies (“developmentalism”). In some areas, emerging powers are resisting liberalization pressures by ignoring certain existing rules, refusing to agree to others, and seeking to create alternative orderings with more flexible standards. However, there is not always consensus within key countries about trade and development policy. They have differences on many aspects of liberalization, and there are limits to their capacity to create alternative economic spaces. While resistance from the South and rising protectionism in the North have stalled the liberalization drive, leaving trade law more open to developmentalism for now, the South has not developed the kind of strong ideological consensus and strategic coordination needed to fundamentally alter the trade regime. Countries are guided by pragmatism and divergent national interests.