After reviewing the strengths and limitations of Transnational Studies, including its methodological nationalism, this article calls for the field to develop a theory of power. A transnational theory of power allows us to set aside binaries such as internal/external, global/local, or structure/agency, when analyzing historical and contemporary social processes and conflicts. Previous and current scholarship on imperialism can contribute to this project by facilitating the examination of the role of finance capitalists and of states of unequal financial and military power. However, Transnational Studies also must assess the contestatory possibilities of transnational social movements. The articles in this special section contribute to the development of Transnational Studies by examining past and present transnational constructions of locality, identity, authenticity, and voice, within social fields of uneven power. The articles also illuminate the types of transnational practices, conflict, and struggle that emerge.