Higher education finances lie at the crossroads in many Western countries. On the one hand, the surging demand of the past three or four decades, driven by a belief in higher education as a principal engine of social and economic advancement, has led to dramatic growth of the higher education systems in these countries. On the other hand, this growth in demand was accompanied by rapidly increasing per-student cost pressures at a time when governments seemed increasingly unable to keep pace with these cost pressures through public revenues. Hence, worldwide, the most common approach to the...

Higher education finances lie at the crossroads in many Western countries. On the one hand, the surging demand of the past three or four decades, driven by a belief in higher education as a principal engine of social and economic advancement, has led to dramatic growth of the higher education systems in these countries. On the other hand, this growth in demand was accompanied by rapidly increasing per-student cost pressures at a time when governments seemed increasingly unable to keep pace with these cost pressures through public revenues. Hence, worldwide, the most common approach to the...