The top priority for a far-sighted developing society in the current global interconnected world is addressing the issues of poverty and economic inequality. Economic inequality has been a common threat throughout the history of mankind and particularly occurs in contemporary societies as the obstacle to sustainable global development. The important role of smart governance and partnership between corporations, international institutions, and state authorities toward resolution of the negative externalities of the liberal market economy is considered to be implemented through the countries' transformation into the socially oriented market economy, enabling both economic growth and social progress.