The concept of education as a public good has long been a foundational principle of international education development discourse. It has traditionally implied a primary responsibility of public institutions in the provision and funding of educational opportunities. This role, however, is increasingly being challenged by the greater diversification of actors and sources of funding at all levels of education. This paper revisits the principle of education as a public good in light of current trends of privatization and marketization of education. Considering both the economic and the political implications of privatization, it reframes the theoretical debate on education in the public domain. Building on the need to re-establish a democratic space of participation, it argues that the concept of education as a common good may represent a useful complementary framework for the governance of education in a changing context.