["American Journal of Economics and Sociology, Volume 80, Issue 1, Page 79-112, January 2021. ", "\nAbstract\nA number of factors have contributed to the crisis in higher education, including the long‐term transformation in funding. In this article, I argue that neoliberalism can explain many of the processes leading to our changing commitment to colleges and universities and the cost increases that this change has produced. A number of neoliberal assumptions firmly rooted in conventional wisdom have contributed to a “student‐as‐customer” phenomenon, which is, itself, a cost driver. I look at the development of the student as customer as a vehicle for exploring tuition increases. I also examine the tension between education as a public and a private good and the marketization of higher education as crucial drivers of these transformations. In doing so, I emphasize that the student as customer has been created by the changes in the way we think about, organize, and fund education, rather than any fundamental change in young people.\n"]