In the New York Review of Books, Andrew Delbanco examines the funding of American colleges and universities.

For years, we have witnessed a growing gap between rich and poor colleges, the privatization of public universities, and aggressive if not reckless investment and spending practices at wealthy institutions, where the allure of gain appears to have overwhelmed the consciousness of risk. Now we are also witnessing drastic budget contraction at the most fragile and vulnerable institutions. Higher education has always been a mirror of American society—and, for the moment, at least, the image it reflects is not a pretty one.