Motivated by the need to attribute a rigorous mathematical meaning to the term ``metamaterial,"" we propose a novel approach to the homogenization of critical-contrast composites. This is based on the asymptotic analysis of the Dirichlet-to-Neumann map on the interface between different components (``stiff"" and ``soft"") of the medium, which leads to an asymptotic approximation of eigenmodes. This allows us to see that the presence of the soft component makes the stiff one behave as a class of time-dispersive media. By an inversion of this argument, we also offer a recipe for the construction of such media with prescribed dispersive properties from periodic composites.