This article aims to discuss the relationship between higher education (HE), globalisation and regionalism projects focusing on HE in Latin America and Brazil. It is claimed that HE has predominantly taken the diverse, yet concerted and co-ordinated routes of globalisation and regionalisation and, by doing so, been profoundly transformed. The first section considers a set of theoretical categories in relation to the phenomena of globalisation and regionalisation. The second section analyses the global and regional dimensions of HE in Latin America, exploring: (1) the Common Market of the South (MERCOSUR), along with the processes and mechanisms put into place to settle MERCOSUR's Educative Sector. It is argued that despite the political relevance of this regional project, its major developments are still harbouring important but preliminary preparations for future regional positioning and empowerment; (2) it is argued that the commodification, privatisation and "marketisation" of HE, having occupied the centre stage in determined nations of the world, have become the founding conditions of a global market in HE; and (3) the Brazilian HE policies are examined in order to develop an argument about the decisive role played by national government in promoting and adjusting the process of globalisation and the regionalism project for HE. (Contains 1 figure, 4 tables and 14 notes.)