Caitlin Zaloom - Renewing democracy by restoring free tuition

Free tuition is essential. Democracy is improved when young people from different backgrounds come together and learn how to work through their differences.

About Caitlin Zaloom

"I am a cultural anthropologist and professor of social and cultural analysis at New York University.

I’ve written books about finance and its relationship to technology, class, family and higher education."

Key Points

• The general trend since the 1970s has been for governments to withdraw from supporting higher education, putting more financial pressure on middle-class families. • Free tuition is essential. Democracy is improved when young people from different backgrounds come together and learn how to work through their differences. • Current US politicians, from the president to state legislators, are more responsive to the idea of higher education reform and debt cancellation than they have been in decades. Social speculation The financialisation of higher education that we see in the United States has its equivalents around the world. The UK and Chile are just two examples of places that are now relying more on students and their families to pay high sums for education.

One of the consequences of the financialisation of higher education is that families are forced into a speculative position. College is more important than ever for young adults to have a shot at a good life, well-paid work and family stability – not to mention good health and longevity. Students and families have to put down an enormous amount of money simply to give themselves a chance, but they have no way of knowing whether it will pay off.

That is what I call social speculation. They’re putting down money now, taking on debt and making investments for an idea about the future that may or may not come to pass.