The opportunities for the six states that share the Mekong River to benefit directly from its joint management are more limited and the risks to the livelihoods of downstream communities from development schemes more important than the historic rhetoric of Mekong development has implied. Changes in the broader political and economic context have sidelined the Mekong River Commission, the one institution charged with regional cooperation to manage the river. Improved regional governance in the decades to come depends upon efforts by many actors to raise the incentives for intergovernmental cooperation, expand civil society engagement, and strengthen mechanisms for cross-border accountability.