How much “privatization” have we actually had in higher education? In one sense, none, because no state-owned college or university has been sold off to private investors. But on the other hand, there has been quite a bit, since to a considerable extent, governmental funding for higher education has been replaced by private funding. In Privatization and the Public Good, Matthew Lambert, vice president for university advancement at William & Mary, gives us an approved “establishment” view of the privatization phenomenon in which it is perceived as a great threat.