In this article, I discuss teacher education reform and the work of teachers in light of globalization and reflexive modernization. Increasing globalization has meant changed conditions for national education traditionally geared toward nation building and to the nationalizing of lifeworlds. It is assumed that the global economy has made knowledge and lifelong learning essential to economic growth, and governments have considered their citizens, teachers, and schools to be poorly trained for the demands of knowledge economies. Consequently, nation-states have invested massively in teacher education because of the vital role effective high-quality teachers are expected to play in preparation for working on global markets and for the competitive edge of nations. However, recent teacher education reform can be criticized for a one-sided orientation toward principles of economic growth, effectiveness, and competitiveness at the expense of other important educational aims, such as the development of reflective and communicative capacities and education for cosmopolitan citizenship. Moreover, recent teacher education reform in various nation-states seems to neglect how processes of reflexive modernization profoundly change schools, society, and the teaching situation, and undermine the principles that marked earlier phases of nation-centered modernization. I discuss teacher education and the work of teachers as reflexive modern practices and phenomena within the framework of critical social theory, and I mainly use Ulrich Beck's theory of reflexive modernization. I argue that increased reflexivity, institutionalized individualization, and cosmopolitization constitute reasons for the re-contextualization of teacher education away from the uncritical influence of the primacy of the economy, instrumental rationalization, and other principles of modernization that are now running dry. In the final part, I discuss the importance of moving from a mainly economically oriented, globalist view of learning to a multidimensional, cosmopolitan view of learning in teacher education and education in general.