In 1998 the World Bank published a "Reform Agenda" for higher education in the new millennium designed to accelerate privatization and the restructuring of the academic workforce. Before analyzing the report, I consider how changes in Canadian universities reflect the growth of the "knowledge-based economy." I then provide a critique of the Bank's proposals, using a distinction between the money-code of value and life-code of value articulated by Canadian philosopher, John McMurtry. On this basis, I show how the Bank's agenda stems from its adherence to the closed system of the money-code that typifies the global market. By way of contrast, universities based on the life-code, and supported by "the civil commons," are able to promote critical thought and education for sustainability. The morals of the market, which in our days are the morals of the world, give a green light to all keys to success, even if they're burglar's tools (Galeano, 2003, p. 176). (Contains 4 endnotes.)