Education: Crumbling Foundations?

"The Ford Foundation," Critic Dwight Macdonald once said, "is a large body of money completely surrounded by people who want some." With the boom market of the '50s and '60s, the giant foundation lavishly poured out funds for higher education, hospitals and medical schools, and acquired an activist image under President McGeorge Bundy by attacking social problems of race and poverty.

Last week Bundy faced the fact that the boom is over. With inflation and sagging stock and bond markets cutting heavily into the foundation's total assets ($2 billion, down from $3 billion a...

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