This special issue of the South Atlantic Quarterly focuses on theory’s role in contemporary politics, reading, and critiques of literature. Although there will always be questions raised about what theory is, what it can do, and its overall efficacy, “Theory Now” argues that those questions obscure the fact that theory is, and always has been, the precondition for thought. This issue demonstrates what it means to engage with theory in this particular historical moment. One contributor takes a critical look at Michel Foucault’s final lectures, which have only recently been published in French, and evaluates their potential to instruct contemporary theory and politics. Another contributor contemplates Eve Kosofsky Sedgwick’s legacy and insists that the only way to read her work is to anticipate the effects it may have in the future rather than assume that interpretations of her scholarship are now settled. With this issue, recently appointed editor Michael Hardt inaugurates “Against the Day,” a new section composed of short essays that focus on a topic of contemporary political importance.