Based on ethnographic interviews with 48 doctoral students and 22 faculty members in science and engineering, this study examines the ways in which doctoral students and faculty make market, symbolic, and social meaning of the presence or absence of money in doctoral student socialization and of funding from governmental and industrial sources. Findings indicate that the culture of science and engineering doctoral education often gives rise to the training of the next generation of academic capitalists, a process that is sometimes contested by students and faculty. Implications are presented for universities, departments, and funding agencies. (Contains 1 table.)