When the Pot Boils

Book excerpt: When the Pot Boils examines the decline and near bankruptcy of Drexel University in the late 1980s and early 1990s and its subsequent dramatic turnaround. David A. Paul provides an in-depth analysis of the multiple factors that contributed to this process, including the role of the market, the academic culture, corporate governance, and key leaders of the institution. Drexel's story of decline through years of student protests, faculty conflicts, a destructive labor strike, and two failed presidencies is a parable of failed corporate governance and a warning of the challenges to colleges and universities in the increasingly competitive world of higher education. Paul argues that for schools facing financial difficulties, retrenchment strategies must be set aside in favor of the more difficult task of developing organizational missions and programs that matter in the marketplace.