Now, as rich-world students become more adventurous, and prosperous emerging countries churn out would-be undergraduates faster than good university places, the market in international higher education is booming. The number of students enrolled outside their home country has roughly trebled since 1980, on OECD figures. Britain is a world leader in this market, second only to America.
But the business is changing. In addition to the traditional Anglophone competitors for foreign students, many continental European places now teach in English. Countries that once consumed international education now provide it: Singapore is well on its way to becoming a regional hub. Universities (including British ones) are setting up campuses across borders. In short, students have more choice than ever; they are less likely to tolerate being fee fodder to subsidise Britons' education just because a brochure boasts an ancient-looking crest.
To flourish, British universities and their political masters must make a host of small changes and one huge one. The former mostly involve marketing. There is remarkably little differentiation now: Oxbridge colleges and former polytechnics all seem to have the same blurbs, which can lead foreign students to think they have been sold a pup. Too many universities think their job is done after the last exam: in fact forging strong alumni networks overseas is good for recruitment, good for ex-students and good for their alma maters' bank balances.