How did Brazilian governments’ strategic plans evolve from 1996 to 2020 regarding good governance principles, in light of shifts between neoliberal and neo-developmentalist paradigms and their geopolitical implications? This study addresses this main question by conducting qualitative research through a content analysis of Brazilian multi-year government plans (Planos Plurianuais, PPAs), using a longitudinal perspective. The analysis concentrated on sections of the PPAs’ text related to strategies, objectives, and challenges, which revealed good governance principles. In addition, the study examines how these documents articulate the government’s perspective on the role of the state in economic development and foreign policy. The study adds to the literature by discussing how Brazil has operationalised principles of good governance in different political contexts, from right to left, from neoliberalism to neo-developmentalism, and from geopolitical alignment with the United States to cooperation with the Global South. It enriches the discussion about whether good governance is a concept intrinsically tied to classical neoliberalism or can be adapted to fit different systems of accumulation and geopolitical orientations. The findings suggest that under neoliberal administrations, the plans emphasised “development” and “effectiveness,” advocating for a diminished role of the state and the alignment with Western developed countries; on the other hand, under neo-developmentalist governments, the plans prioritised “development” and “equity,” reinforcing the role of the state in economic growth and social development and promoting South-South cooperation. The results also suggest that good governance is not a rigid and prescriptive guideline, but a configurable framework that can be adapted to diverse political, geopolitical, and economic contexts, mitigating the institutional isomorphic perspective, especially under neo-developmentalist administrations. These findings are particularly relevant for developing countries exploring alternatives to the neoliberal paradigm.