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From the perspective of 19th-century visitors to the United States, the country’s system of higher education was a joke. It wasn’t even a system, just a random assortment of institutions claiming to be colleges that were scattered around the countryside. Underfunded, academically underwhelming, located in small towns along the frontier, and lacking in compelling social function, the system seemed destined for obscurity. But by the second half of the 20th century, it had assumed a dominant position in the world market in higher education. Compared with peer institutions in other countries, it came to accumulate greater wealth, produce more scholarship, win more Nobel prizes, and attract a larger proportion of talented students and faculty. US universities dominate global rankings.