The purpose of this article is to improve understanding of internationalization as a strategic response to the catalysts of globalization and the knowledge society. The paper will attempt to critically identify and interpret how the aforementioned elements are being recontextualized and translated into responsive internationalization policies and systemic institutional change. The article takes a critical analysis approach on current internationalization efforts and provides a conceptual framework for developing a performance indicator set through a combination of "institutional change theory" (North 1990) and the "Delta cycle for internationalization" (Rumbley 2010). Recommendations on future research areas are made at the conclusion of the article.