The recent fortieth anniversary of the United Nations Convention on the Law of the Sea (UNCLOS) has sparked a good deal of reflection and retrospection. Looking back, it is clear that the Convention’s architects carefully navigated, and selectively absorbed, a number of competing visions of oceanic governance, from freedom to enclosure to visions of Global North–South equality. This made the Convention’s construction period a very drawn-out and painful one – longer than for any other international treaty in history – and while some hopes were realized, others were dashed. Forty years on, it is important not to let its current canonical status blind us to the fact that the Convention came close to being a failure, and that things could have gone differently at a number of critical junctures. Nor should it stop us asking whether UNCLOS is really fit for purpose today. In this article, I situate the Convention within wider developments in the global economy and the global environment, and consider the role it has played in promoting goals of global justice and environmental protection.