This article attempts to address theoretical questions regarding the transition towards an entrepreneurial university and the changes associated with this process, namely the increased commodification, the competitive quest for private funding and the introduction of business management practices. The important theoretical advances made in the 1960s and 1970s regarding the role of Higher Education in ideological and social reproduction cannot fully account for the new relations between education, capitalist production and the market. Current attempts to theorize these changes as a process of transforming Universities into private enterprises, especially those using a "cognitive capitalism" framework tend to underestimate the political, ideological and hegemonic aspects of Higher Education. What is needed is a theorization of Higher Education as an hegemonic apparatus and an attempt to view the transition to the entrepreneurial university not as a simple process of privatization, but as a complex and uneven process of internalization and pre-inscription of the realities of capitalist production and a subsumption of education to the imperatives of capitalist accumulation.