Over the last two decades, Ethiopian higher education has been undergoing considerable changes in response to government reforms. This accelerated change has affected the system, its mode of operation and its academics. Accordingly, this article examines how the reforms have affected the ways in which the system is coordinated by using Clark's triangle of coordination as a framework for analysis. In doing so, the study employed a qualitative approach, historical policy study, looking into different historical eras. Evidence was drawn from various documentary sources. The article argues that state has been the sole influential actor in both the monarchical and military periods; while, since 1991, both state and market have been playing a significant role in shaping the system with the state still taking the dominant role. The academic oligarchy has not, however, had a significant influence at any time.