In the process of internationalization of universities, the articulation between local and global contexts depends on various factors including that of linguistic capital, that is to say, the sum of resources and language skills that allow stakeholders, teachers, researchers and students to participate in different levels of knowledge flows. To better understand how this works, the paper proposes some principles of analysis of knowledge flows, based on one of the author's interventions and expertise in academic fieldwork in South America, inspired by the concept of glottopolitics which highlights the impact of speakers as linguistic policy stakeholders whose linguistic activity should be considered in the strategic analysis of organizations. In conclusion, it is suggested that improved knowledge of available linguistic capital within universities will lead to better governance of internationalization strategies by managing language practices between local, regional and international languages.