This review examines recent economic, political, and legal developments that have created pressure for reform of the academic tenure system, codified in 1940 by the American Association of University Professors and the Association of American Colleges. At issue are problems of academic freedom, "deadwood" faculty, institutional finances, and the nonrenewal of probationary teachers' contracts. The present tenure system allows college faculty a 7-year probationary period after which they must receive life employment or be dismissed by their institution. Arguments for and against this system as well as alternative tenure systems in effect at several institutions are given. A list of 29 references is included. (CHS)