Аннотация:One of the most important and controversial contributions to a vibrant body of new security theories since the 1990s has been the idea of securitization. However, rather than providing a consolidated position the discourse on securitization has only just begun to transform the new idea into a more comprehensive security theory. This article argues that such a theory needs to go beyond the current reflections on securitization by the Copenhagen School. Through internal critique and conceptual reconstruction the article generates an alternative framework for future empirical research and identifies two centres of gravity as a first step towards a more consistent understanding of securitization as a comprehensive theory of security.