Harvard Rules

by Richard Bradley

It is the richest, most influential, most powerful university in the world, but at the beginning of 2001, Harvard was in crisis. Students complained that a Harvard education had grown mediocre. Professors charged that the university cared more about money than about learning. And everyone worried that Harvard's outgoing president, Neil Rudenstine, epitomized an unhappy trend: the university president as full-time fund-raiser. Harvard may have possessed a $19 billion endowment, but had the university lost its soul?The members of the Harvard Corporation, the ultra-secretive governing board established more than three centuries ago, knew that they had to act. And so they made a bold pick for Harvard's twenty-seventh president: former Treasury Secretary and intellectual prodigy economist Lawrence Summers.Although famously brilliant, Summers was a high-stakes gamble. In the 1990s he had crafted American policies to stabilize the global economy, quietly becoming one of the world's most power