This article draws attention to the relative lack of theoretically and methodologically elaborated approaches to understand and explain the complex relations between transnationalization of higher education and globalization seen especially from the point of view of global capitalism. The main aim of this article is to contribute to the construction of a theory of transnational academic capitalism (TAC). A theory of TAC argues that those networks, practices and activities that are blurring the boundaries between higher education, markets and states are increasingly becoming transnational without supposing that this transformation implies that local and national levels are insignificant in studying TAC. In this respect, focus is especially on methodological starting points of a theory of TAC. It is argued that a theory of TAC should be based on sociological relationalism and qualified methodological transnationalism.