Market forces have profoundly affected the contemporary research
university's fundamental tasks of creating and disseminating knowledge.
They arguably have provided American universities access to greater
wealth, better students, and stronger links with the economy. Yet they
also have exaggerated inequalities, diminished the university's control
over its own activities, and weakened the university's mission of
serving the public. Incorporating twenty years of research and new data
covering 99 research universities, Knowledge and Money explains this
paradox by assessing how market forces have affected universities in
four key spheres of activity: finance, undergraduate education, primary
research, and participation in regional and national economic
development.
The book begins by chronicling how universities have enlarged revenues
by optimizing tuitions, and how they have managed these funds. It
reveals why competition for the best students through selective
undergraduate admissions has led to increased student consumerism and
weakened university control over learning. The book also explains why
research has become an increasingly autonomous activity within the
university, expanding faster than class instruction or faculty
resources. Finally, it shows how the linkage of research to economic
development has engendered closer ties with industry and encouraged the
commercialization of knowledge.
