In this chapter, we focus on how education governance can be conceptualized and understood in a context of far-reaching marketization and privatization. We address the challenges and limitations of (political) education governance in times of educational marketization. We argue that the Swedish case is a good starting point for such analytical exploration, since Sweden has experienced quite a far-reaching transformation in this regard, from a strongly centralist and state-led education system to a dispersed, multi-actor and marketized education system, which may be of relevance and importance for additional theorizing in this area. We show that few current political and societal challenges to the dominant policy trajectory exist and that both social democratic and non-socialist governments follow an entrenched policy path, governing largely by preservation and restoration. We argue for the need to critically discuss and unpack the complexities of governing education in a policy context in which market forces have entered, and fundamentally are affecting, education in all policy stages.