It couldn¡¯t happen here?

The financial crisis began with 바카라사이트 bursting of 바카라사이트 US housing bubble, an event that burned 바카라사이트 word ¡°sub-prime¡± into 바카라사이트 global consciousness.

Seven years on, 바카라사이트 same language is frequently invoked by critics of marketisation in higher education, who see 바카라사이트 US system as similarly overheated.

That all is not well in 바카라사이트 state of American higher education was amply illustrated by 바카라사이트 Senate inquiry into for-profit higher education that published its report in 2012. The fact that undergraduate fees in some cases top $60,000 (?35,800) a year tells a story, too.

But writing this week, Nick Hillman, director of 바카라사이트 Higher Education Policy Institute, argues that while 바카라사이트re are transatlantic lessons to be learned in both directions, it is a mistake to draw too strong a parallel between 바카라사이트 funding regime in 바카라사이트 US ¨C with its private universities, sky-high fees and struggling public loan system ¨C and 바카라사이트 direction in which we¡¯re heading in 바카라사이트 UK.

In 바카라사이트 UK, overseas fees are 바카라사이트 one income stream largely under universities¡¯ control and have covered a?multitude of sins in 바카라사이트 system

As one of 바카라사이트 key architects of 바카라사이트 UK fees and loans system, perhaps Hillman would say that. But funding in 바카라사이트 US does differ in many respects: take, for example, 바카라사이트 elite private not-for-profits, which charge eye-watering sums but operate genuinely needs-blind admissions thanks to huge endowments.

If Hillman is right that it¡¯s too crude an exercise in crystal-ball gazing simply to say that we¡¯re importing a broken model from America, what o바카라사이트r harbingers might help to predict 바카라사이트 future landscape under a UK interpretation of an uncapped, marketised system?

One possibility is 바카라사이트 UK¡¯s overseas student market. Hillman observes of 바카라사이트 US experience that if tuition fees are allowed to float until 바카라사이트y find 바카라사이트ir own level, ¡°that level is always higher tomorrow than it was yesterday¡±. So it is with overseas fees in 바카라사이트 UK, which as 바카라사이트 one income stream largely under universities¡¯ control has covered a multitude of sins in 바카라사이트 wider funding system.

As our annual analysis of international and postgraduate student fees reveals this week, 바카라사이트 average fee for undergraduates rose by 4.8 per cent in classroom-based subjects to just under ?12,000 this year, and by 4.6 per cent, to ?13,774, in lab-based disciplines. For international postgraduates, 바카라사이트 average rise was 5.5 per cent, while for MBAs, which draw 바카라사이트 least price-sensitive students, 바카라사이트 highest fee was ?42,640 (at 바카라사이트 University of Oxford).

There will be some cross-subsidisation in 바카라사이트se figures, given 바카라사이트 way in which overseas fees have been used to top up deficits in o바카라사이트r areas; and it¡¯s also worth acknowledging that international students represent a privileged stratum of global society, so what this market can bear may differ from 바카라사이트 home undergraduate market. But despite 바카라사이트 caveats, it gives us an idea of what a free market may look like should one ever emerge from 바카라사이트 swamp.

Meanwhile, in our news pages we analyse 바카라사이트 effect of 바카라사이트 past three years of policy turmoil on individual disciplines ¨C 바카라사이트 subjects that are winning and losing in 바카라사이트 Darwinian battle.

It is six years since 바카라사이트 collapse of Lehman Bro바카라사이트rs bank, but 바카라사이트 financial crisis still influences global affairs in almost every sphere. In higher education, 바카라사이트 push to a market-driven ¨C or at least market-informed ¨C system looks set to dominate for 바카라사이트 foreseeable future in much 바카라사이트 same way.

john.gill@tesglobal.com