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<p>Basically, I tend to agree with Kei-o-lei’s analysis.
Though I don’t think Chicago ever had a “sterling regional reputation”. What it has had for years is a sterling niche reputation among academics and other segments of the population who highly value education. The “brand” has had better recognition in places like Bethesda, MD, or the NJ and Connecticut suburbs of NYC, than it did in greater Chicagoland. </p>
<p>More recently, the opportunity to attend college has expanded to minorities and income groups previously excluded. Participation in the national and global economy has broadened. Scientific and technical knowlege has become increasingly important to that economy. But not everyone can go to HYP; there’s just not enough room. Applications are up not only to the Ivies but to schools that in much of the country still have relatively little name recognition. Wesleyan University, for example, received over 10,000 applications last year (for what, 600 places?)</p>
<p>As the country produces fewer and fewer tangible products, opportunities diminish to make a good living by making and selling things in the local or regional economy. Ambitious students look for keys to enter the national and global “knowledge worker” economy. They expect big brand colleges to address this need.</p>