The purpose of this article is to describe the unique characteristics of academic capitalism in Chilean higher education system. For this purpose, secondary sources of information are used, making a reflective review of the pertinent literature contained in indexed journals and mainstream books, which allows to delineate what the academic capitalism is, what governance is and how it is possible to assume academic capitalism governance from a conceptual perspective The evidence on Chilean university system is examined briefly, highlighting the existence of multiple markets and the response of universities to that competitive environment through changes in their organization and functions. It is concluded that the strategic behavior of Chilean universities is determined fundamentally by the requirements of the markets and the public policies and regulations to which they are subject within a variety of highly privatized academic capitalism.