The author states that, at the liberal arts college where he used to work, he would step out of his office each fall to teach an undergraduate course on higher education. What better opportunity for reflection and critical engagement, he thought, than to investigate the enterprise to which the students and he had each made some serious commitments: for the author, all his professional energy, and for them, four years of their lives and up to a quarter of a million dollars? In this article, the author addresses three questions: (1) Can a college balance access and quality? (2) Can a market-based education system provide society a level playing field? and (3) Will liberal arts colleges continue to exist in recognizable forms?