Subsidies and the Rise of the Higher Education Industry

The Mass Production of Credentials: Subsidies and the Rise of the Higher Education Industry
By Carl L. Bankston III
This article appeared in the Winter 2011 issue of The Independent Review



Abstract

The percentage of Americans with college degrees has more than sextupled since 1940, due to the growing popularity of the idea that everyone should get a college degree and that federal subsidies should support the attainment of this goal. Unfortunately, this trend has dumbed down the college classroom, promoted credential seeking at the expense of the liberal arts, and fostered false expectations that harm students and the general public alike.