Internationalization is a rapidly growing trend among higher education institutions (HEIs) around the world. This article situates internationalization within comparative education by theorizing it as processes of global diffusion and localization. It analyzes survey data from administrators at 1,439 HEIs in 137 countries to understand their interpretations of the benefits of internationalization. Findings show that administrators at HEIs in knowledge-intensive economies, and those in the United States and Anglophone Canada in particular, are more likely to frame benefits in terms of enhancing students’ international awareness, while revenue generation is much more likely to be cited in other Anglophone contexts. It argues that in Anglophone North America, higher education is being leveraged to combat histories of parochialism; in knowledge-intensive economies, it is seen as supporting pipelines of skilled labor; and in Anglophone contexts outside of North America, it is framed as an economically valuable export. Understanding where discursive repertoires resonate sheds light on how local actors understand the role of international higher education. The findings point to ways in which an Anglophone context mediates understandings of the benefits of internationalization and also how understandings of internationalization are influenced by nations’ positions in larger global contexts.