This paper explores the complex relationship between higher education and the concept of public goods in Spanish-speaking countries in Latin America, with a particular focus on Chile. Through an extensive literature review, the study examines the evolving meanings of public, public/common/global goods in Spanish culture in the context of higher education, highlighting the region's unique historical and socio-political challenges. Using an interpretive methodology, the research captures the perceptions of 55 academics from two public universities in Chile. The findings reveal a multifaceted view of the role of public universities, intertwined with notions of public goods and global public goods. Despite the challenges posed by privatisation and market forces, the unwavering commitment of these institutions to the production of public goods and to social responsibility and societal transformation stands out. The research highlights the role of universities as local problem solvers and global change agents. It concludes that while Chilean public universities face market dynamics, government policies and fiscal constraints, their commitment to societal development remains resolute.