Comments on Teachable Moments

• Endowments and such
• Posted by Glen McGhee at FHEAP on September 21, 2007 at 9:45am EDT

• Sad but true - not funny, really.

  We forget how very important endowments were to the early colleges. Before gaining financial independence, small colleges, more like today's high schools (or even middle schools if you considered the "preparatory departments" of the colleges) were vulnerable to political whims, and funding waxed and waned.

  Political interference and the uncertainty of funding lent an impermanence and instability to the colleges, with most eventually failing and faculty fleeing elsewhere.

  Endowments held out the emancipatory promise of freedom from political quarrels, and the hope of being able to attract better faculty.

  The practice of eminent persons endowing a faculty "chair" dates back to England in 1400, or earlier, to the University of Bologna in 1300s, later taking its more philanthropic shape.

  However, with the advent of state sponsorship of institutions, and more stable funding mechanisms, this past history has become obscured -- making possible Matt's parody.

  Credential inflation, growth in lending to students, over-schooling, and a host of new threats make this cartoon poignant, but the reality is hardly laughable.

• Teachable moments
• Posted by Anthony on September 21, 2007 at 9:50am EDT

• I would add:

  I will contribute when you fire the President who led the institution into its current financial woes.

• Outside interference
• Posted by Joseph C. on September 21, 2007 at 11:20am EDT

• Glen: "Before gaining financial independence, small colleges, more like today’s high schools . . . were vulnerable to political whims, and funding waxed and waned."

  While schools being vulnerable to outside political interference is certainly a problem, I do not see them at any less risk from private funding. The key is to balance funding from a variety of sources. Currently the funding situation has shifted too far away from state sources and towards private sources, so schools empty the student's pockets in addition to having to cater to rich - and often politically conservative - alumni. Case in point: the new "Academy on Capitalism and Limited Government Fund" being established in Illinois. If alumni and private donors wish in any way to supplant state sources of funding they should submit to a greater degree of scrutiny and accountability.