Book excerpt: . . . the stature of the authors, who include prominent university presidents and chancellors as well as leading researchers on the business of higher education, makes this a worthwhile read. Not to be missed are the chapters on how three Virginia universities are redefining what it means to be a public university, and an interesting and provocative look at the looming financial crisis in higher education and how it can best be addressed. Highly recommended. F. Galloway, Choice The New Balancing Act in the Business of Higher Education is a must read for higher education leaders. It captures the major challenges of balancing enhancement of revenues to sustain mission and core values with containing costs to keep tuition for students affordable. At the same time, given the changing nature of the faculty, colleges and universities must respond by developing more flexibility within faculty careers. And presidents must lead their institutions through transformative changes that require trust and credibility among the stakeholders. Now is the time for strong, collaborative and decisive leadership. Claire Van Ummersen, Vice President and Director, American Council on Education, US This volume is an important read for those responsible for working through an environment in which change is the one true constant. Richard D. Legon, President, State Higher Education Executive Officers, US The New Balancing Act in the Business of Higher Education clearly indicates the world s finest system of higher education (as we have so long claimed) is undergoing an identity crisis. Stan Ikenberry begins by pointing with alarm to an eroding social compact , the once well-understood reciprocal responsibilities between higher education and society. Then other leaders, in a series of thoughtful essays, outline the dimensions of our situation. They warn of the risks of pursuing new revenues without a firm grasp on core values, and explore the challenges of rebuilding trust, the centrality (and growing marginalization) of faculty academic leadership, the pernicious effects of inertia, the urgency of innovation and change, and the evidence of successful leadership and adaptation. Global forces have made success in higher education indispensable to almost all of the American people. Without compromising on quality, the nation needs substantially more widespread educational attainment. We are in a crisis; business as usual is entirely unacceptable. The New Balancing Act in the Business of Higher Education is a step beyond denial, toward essential change. Paul E. Lingenfelter, State Higher Education Executive Officers, US The nation s leadership in higher education is on the line, and colleges and universities need tools and insights to remain competitive. The New Balancing Act in the Business of Higher Education should be part of their toolkit. Travis Reindl, Director of State Policy Analysis and Assistant to the President, American Association of State Colleges and Universities, US In The New Balancing Act in the Business of Higher Education, senior insiders and noted scholars assess the economic conditions facing America s universities and colleges in the 21st century. The picture they paint is not bright. In forthright and unflinching but far from despondent language, the authors consider many important issues that must be addressed even as they are often (wishfully) overlooked: stagnating college enrollment rates; the need for cost containment and systemic reorganization; institutional inertia; contingent and contract faculty; and the decline in state funding. This volume is full of useful insights and clear interpretations to aid policymakers and scholars in shaping a more optimistic future for higher education in the US. Clive R. Belfield, Queens College, City University of New York, US This volume, part of the TIAA-CREF Institute Series on Higher Education, is based on a national conference, The New Balancing Act in the Business of Hig