Predominantly an elite phenomenon

them, like white-shoe law firms and commercial banks. In so many cases, they went on to create better institutions that operated on principles of intellectual merit and fair play — including many of the universities that have since stumbled.

If you are an Ivy League megadonor wondering how to better spend the money you no longer want to give a Penn or a Columbia — or just a rising high school senior wondering where to apply — maybe it’s time to forgo the fading prestige of the old elite for the sake of something else, something new.