After two centuries of public higher education in the United States, the covenant between public colleges and universities and the public that created and funded them is under strain. In a time of scarce resources and changing policy in many corners of the country and around the globe, privatization has emerged as a possible replacement for the historic model of state colleges and universities. Public institutions' movement in that direction has been driven by diminishing state appropriations; at the same time, they have gained increased institutional autonomy, raised tuitions, developed alternative revenue sources, and modified their governance models. Does that make them no longer "public"? Here the author argues that distinctions must be made in this new world order between mission and funding. Changes to the financial model need not change the mission of public higher education. A list of resources is included.