Bankers in the ivory tower : the troubling rise of financiers in US higher education

著者

    • Eaton, Charlie

書誌事項

Bankers in the ivory tower : the troubling rise of financiers in US higher education

Charlie Eaton

The University of Chicago Press, 2022

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注記

Content Type: text (rdacontent), Media Type: unmediated (rdamedia), Carrier Type: volume (rdacarrier)

Includes bibliographical references and index

Summary: "Higher education has always played a crucial role in maintaining elite status in American culture. Historically, it has also been a way for Americans to transform their social and class status, and public universities have been a major stepping stone to new economic opportunities. However, as Charlie Eaton reveals in Bankers in the Ivory Tower, finance is playing a central role in widening inequality both in American higher education and in American society at large. With federal and state funding falling short, the US higher education system has become increasingly dependent on financial markets and the financial organizations which mediate them. At the same time, the nation's most exclusive colleges have embedded America's ascendant financiers in social networks, a common culture, and shared identities with the country's broader elite. Financiers leveraged these elite ties in pushing for policy and organizational changes that would lead to profits for the top 1% such as the expansion student loans

収録内容

  • Universities and the social circuitry of finance
  • Our new financial oligarchy
  • Bankers to the rescue : the political turn to student debt
  • The top : how universities became hedge funds
  • The bottom : a Wall Street takeover of for-profit colleges
  • The middle : a hidden squeeze on public universities
  • Reimagining (higher education) finance from below
  • Methodological appendix : a comparative, qualitative, and quantitative study of elites

内容説明・目次

内容説明

Elite colleges have long played a crucial role in maintaining social and class status in America while public universities have offered a major stepping-stone to new economic opportunities. However, as Charlie Eaton reveals in Bankers in the Ivory Tower, finance has played a central role in the widening inequality in recent decades, both in American higher education and in American society at large. With federal and state funding falling short, the US higher education system has become increasingly dependent on financial markets and the financiers that mediate them. Beginning in the 1980s, the government, colleges, students, and their families took on multiple new roles as financial investors, borrowers, and brokers. The turn to finance, however, has yielded wildly unequal results. At the top, ties to Wall Street help the most elite private schools achieve the greatest endowment growth through hedge fund investments and the support of wealthy donors. At the bottom, takeovers by private equity transform for-profit colleges into predatory organizations that leave disadvantaged students with massive loan debt and few educational benefits. And in the middle, public universities are squeezed between incentives to increase tuition and pressures to maintain access and affordability. Eaton chronicles these transformations, making clear for the first time just how tight the links are between powerful financiers and America's unequal system of higher education.

目次

Acknowledgments 1. Universities and the Social Circuitry of Finance 2. Our New Financial Oligarchy 3. Bankers to the Rescue: The Political Turn to Student Debt 4. The Top: How Universities Became Hedge Funds 5. The Bottom: A Wall Street Takeover of For-Profit Colleges 6. The Middle: A Hidden Squeeze on Public Universities 7. Reimagining (Higher Education) Finance from Below Methodological Appendix: A Comparative, Qualitative, and Quantitative Study of Elites Notes References Index

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