Intelligent observers of American higher education know that colleges generally are in great trouble: falling enrollments, declining public and political support, often dubious outcomes, and excessive tuition and other costs. Most depressing, the traditional tolerance of widespread viewpoints and commitment to free expression seem to have declined substantially. While one finds a few encouraging stories dealing with these issues at existing colleges and universities, the overall picture is bleak. It seems that current institutions are doing too little, if anything, to fix the problem. At many, the outlook is palpably worsening. In the competitive, free-market, private-business sector, lags in innovation...