The second chapter approaches the notion of vulnerability in current sociology. Operating with some of the contemporary sociologist’s paradigm of the “Risk Society” (U. Beck, A. Giddens), it works with the various features that compose this post-modern society, such as globalization, individualization, fear, therapeutic culture, among others. After briefly describing B. Misztal’s comprehensive proposal for vulnerability theory in sociology, it turns to the examination of the Latin American theory. This paradigm is distinguished by its political orientation towards vulnerability, contrasting with the more individualistic European perspective. In a final moment, it stops to consider migration as a crucial element in social order, social action, and social change in the contemporary configuration of global society.