Friday, August 27, 2010

Higher education =Profiting Myths

Anurag Behar observes:

  • “Even shallower is the notion that private “profit seeking” capital can somehow help in revitalizing higher education. Look at the commercial structure of US universities: the top 50 are either government-funded or have very significant philanthropic “endowments”. Even the top 10 “private universities” in the US, the Harvards, Yales and Stanfords, support 25-60% of their expenses through the returns on their endowment funds, besides other grants and contributions. These universities do not make “profits” in any sense of that word—and certainly not in the sense of providing returns to whoever has invested the capital. In simple terms, if the philanthropic endowments and other grants were not there, these universities would not exist.

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