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The Financialization of US Higher Education
Department of Sociology, University of California, Berkeley, USA.
Department of Sociology, University of California, Berkeley, USA.ORCID iD: 0000-0002-7768-539X
Department of Sociology, University of California, Berkeley, USA.
Department of Sociology, University of California, Berkeley, USA.
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2016 (English)In: Socio-Economic Review, ISSN 1475-1461, E-ISSN 1475-147X, Vol. 14, no 3, p. 507-535Article in journal (Refereed) Published
Abstract [en]

Research on financialization has been constrained by limited suitable measures for cases outside of the for-profit sector. Using the case of US higher education, we consider financialization as both increasing reliance on financial investment returns and increasing costs from transactions to acquire capital. We document returns and costs across four types of transactions: (i) revenues from endowment investments, (ii) interest payments on institutional borrowing by colleges, (iii) profits extracted by investors in for-profit colleges and (iv) interest payments on student loan borrowing by households. Estimated annual funding from endowment investments grew from $16 billion in 2003 to $20 billion in 2012. Meanwhile financing costs grew from $21 billion in 2003 to $48 billion in 2012, or from 5 to 9% of the total higher education spending, even as interest rates declined. Increases in financial returns, however, were concentrated at wealthy colleges whereas increases in financing costs tended to outpace returns at poorer institutions. We discuss the implications of the findings for resource allocation, organizational governance and stratification among colleges and households.

Place, publisher, year, edition, pages
Oxford University Press, 2016. Vol. 14, no 3, p. 507-535
National Category
Sociology (excluding Social Work, Social Psychology and Social Anthropology)
Identifiers
URN: urn:nbn:se:liu:diva-154430DOI: 10.1093/ser/mwv030ISI: 000393323600006Scopus ID: 2-s2.0-85019336325OAI: oai:DiVA.org:liu-154430DiVA, id: diva2:1287694
Available from: 2019-02-11 Created: 2019-02-11 Last updated: 2019-02-20Bibliographically approved

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Habinek, Jacob

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CiteExportLink to record
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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
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  • Other style
More styles
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  • de-DE
  • en-GB
  • en-US
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  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf