Issues concerning the management of colleges and universities are considered in a roundtable discussion. It is suggested that higher education may be at a decisive juncture with respect to demographics, finances, institutional structure, and the political context. Attention is directed to the decline in the number of 18- to 22-year-olds and the projected increase in foreign student enrollment. In considering the financial setting of higher education, the level of tuition charges at public and private colleges and the problem of reduced federal aid are addressed. Additional topics include: the role of faculty in the governance of colleges; the leadership roles of the trustees, president, deans, and faculty; and the potential for new technologies to increase productivity in higher education. The following individuals participated in the roundtable discussion: Benjamin H. Alexander, John Brademas, Edward B. Fiske, Ellen V. Futter, Harry G. Judge, Martin Meyerson, Jack W. Peltason, Irving Redel, and James E. Seitz. (SW)