Book excerpt: The American university faces many challenges. It has become too costly and inefficient. It fails too many students. It spends too much time and money on matters that should not be its priorities. It clings to policies and practices that need to go away. And it is too disconnected from the students and communities it must serve. This book proposes several changes to standard policies in our colleges and universities that will sharpen their missions, redirect funding to the highest priorities, improve student learning and attainment, redefine faculty engagement, slow down spending on amenities, and reduce the excesses of intercollegiate athletics. The recommended reforms remain true to the essential academic values embraced by the academy, but at the same time they recognize and respond to the new realities facing higher education.