Old-boy networks, alumni giving, affirmative action, sports, and diversity have pretty much put an end to classical meritocratic admissions. That decline of standards in admissions is perversely ironic, because at about the same time, a new campus ethos of grade inflation was predicated on the self-important notion that if you were smart enough to get into Princeton or Harvard, then Harvard and Princeton would make the necessary adjustments and concessions to make sure you graduated. The result of self-congratulation is that a Stanford graduate now usually knows less history than his Hillsdale counterpart. A successful self-made businessman can know a lot more about the economy than does a Harvard M. B. A.