This article surveys major international relations theory as a framework for thinking about globalization, examines the modern role of power within a globalized international system, and illustrates these dynamics within the context of international terrorism. The central conclusion is that globalization has not radically changed fundamental aspects of international relations, but has rather altered means and channels for the exercise of power. The article demonstrates that power remains the key independent variable shaping modern international relations. Globalization is a manifestation of new means through which power is exercised and distributed. Nevertheless, the complexity of globalization requires a reassessment of the meaning of power in international security.