In the golden age of American higher education, roughly 1945-1965, the question was hardly worth asking. The economy was expanding, government subsidies were assured, and most graduates found good jobs. Those favorable conditions were interrupted by the political upheavals of the 1960s and economic downturn of the 1970s. But the good times seemed to be back as recently as the 1990s. For all the polemics that they generated, the so-called culture wars were based on the shared assumption that history, literature, languages and other liberal arts were at the core of higher education.
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