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Books > Social sciences > Education > Higher & further education
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Bankers in the Ivory Tower - The Troubling Rise of Financiers in Us Higher Education (Hardcover)
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Bankers in the Ivory Tower - The Troubling Rise of Financiers in Us Higher Education (Hardcover)
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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.
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