Higher education seems to be in a perpetual state of 'crisis'. The many hundreds of books and papers containing this specific, or other relevantly similar expressions, convey a sense of fear and angst. Yet, what are these various crises about, and which values and beliefs are seen as threatened or 'under attack'? This paper will provide an analysis of the 'crisis' literature and identify four major crisis themes -- "massification," "marketisation," "restitution" and "geopolitics," linked to their ideological basis and influences -- including "meritocracy," "liberalism," "restorative justice," and "justice globalism." The second part of the paper analyses the massification crisis in Britain between the 1940s and the 1970s as a case example identifying how the principles of a meritocratic society played an influential role in the debate. It will be argued that the notion of 'universities in crisis' needs to be understood critically in terms of ideology and historically via the shifting and reshaping of such beliefs over time.