A rheological law based on the concept of cooperatively sheared flow zones is presented, in which the effective thermodynamic state variable controlling flow is identified to be the isoconfigurational shear modulus of the liquid. The law captures Newtonian as well as non-Newtonian viscosity data for glass-forming metallic liquids over a broad range of fragility. Acoustic measurements on specimens deformed at a constant strain rate correlate well with the measured steady-state viscosities, hence verifying that viscosity has a unique functional relationship with the isoconfigurational shear modulus.