We explore the literature on internationalization in higher education and distinguish between the mainstream and radical approaches to critical scholarship. We argue that the mainstream approach continues to steer internationalization towards socially progressive and equitable aims, while growing concerns have surfaced especially with regard to its commercialization. We focus on the postcolonial approach and suggest that it has inherent limitations stemming from its roots in a 'modern global/colonial imaginary' based on an outdated bipolar or unipolar, rather than multipolar, view of geopolitics. In the analysis of higher education, this perspective fails to recognize contemporary forms of colonialism and, in contrast to other strands of critical scholarship, neglects the shifting nature of geopolitics and the various forms and locations of colonialism. Consequently, we argue that the postcolonial approach becomes myopic, as it tends to be West-centric, selectively critical and denies local agency. Moreover, it falls short in explaining the motives behind internationalization in diverse contexts. Therefore, we argue for a plurality of critical approaches, widely applied, to gain a comprehensive understanding of internationalization on a global scale.