Students drop out of universities in large numbers, many graduate to jobs that do not require a degree and a large number learn little at university, whilst graduate salaries have shrunk over time and student loan debt and default have grown. University research achievements have declined while university administration has expanded massively. The contemporary university is mired in auditing, regulation, waste and aimlessness and its contribution to serious social innovation has deteriorated markedly. The miserable state of the universities reflects a larger social reality, as bureaucratic capitalism has replaced creative capitalism.