This article discusses the politicization of the transnational paradigm in terms of development and security, refugee and migrant regimes, and transnational practices. The analysis makes two principal arguments. The first is that diasporas and mobility in general have been both securitized and developmentalized. These two processes are intertwined but also contradictory. While migration is seen as a development resource, 'uncontrolled' population flows—particularly of refugees—are looked upon as security threats by states and policy makers. This duo-faceted approach is at the root of the politicization of the transnational paradigm. The second argument of this text is that this politicization and the neo-liberal mega-trend are also entwined, despite the fact that the scholars who introduced transnationalism to migration research saw it as reflecting a process of globalization 'from below'.