In the current phase of reflexive or second modernization, we are witnessing a dialectics of modernity: continuity of the principles and discontinuity of basic institutions of nation-state modernity. This process is leading us from the national industrial society to the world risk society. A theory of reflexive modernization consists of theorems of individualization, cosmopolitanization, and risk society. This radicalized modernity has produced world risk society. What signifies the risk society are manufactured uncertainties which tend to be intangible to our senses. The theory of world risk society as a new Critical Theory assumes three characteristics of global risks: delocalization, uncalculability, and non- compensatability. This theory also adopts eight theses regarding the inequality of global risks; the power of risk definition; risk and culture/trust; cosmopolitian politics of world risk society; a ‘revolutionary subject’ for climate change; global risks empowering states and civil movements; divergent (environmental/ economic/ terrorist) logics of global risks; world risk society as a boundary-transcending process. The “cosmopolitan moment” of world risk society is now set free.