内容简介
Thepastthirtyyearshaveseendozensofotherwisesuccessfulinvestorstrytoimproveeducationthroughtheapplicationofmarketprinciples.Theyhavefunneledbillionsofdollarsintoalternativeschools,onlineeducation,andtextbookpublishing,andtheyhave,withsurprisingregularity,losttheirshirts.InClassClowns,professorandinvestmentbankerJonathanA.Kneedissectswhatdrivesinvestors'effortstoimproveeducationandwhytheyconsistentlyfail.Kneetakesreadersinsidefourspectacularfinancialfailuresineducation:RupertMurdoch'sbillion-dollarefforttoreshapeelementaryeducationthroughtechnology;theunhappyinvestors-includinghedgefundtitanJohnPaulson-wholostbillionsintextbookpublisherHoughtonMifflin;theabandonmentofKnowledgeUniverse,MichaelMilken'stwenty-yearmissiontorevolutionizetheglobaleducationindustry;andalookatChrisWhittle,founderofEdisonLearningandapioneeroflarge-scaletransformationaleducationalventures,whocontinuestoattractinvestmentdespitedecadesoffinancialandoperationaldisappointment.Althoughdeepbeliefinthecurativepowersofthemarketdrovetheseinitiatives,itwastheinvestors'failuretoappreciatemarketstructurethatdoomedthem.Kneeasks:Whatmakesagoodeducationbusiness?Bycontrastingraresuccesses,hefindsadozenbroadlessonsattheheartofthesecautionarycasestudies.ClassClownsoffersanimportantguideforpublicpolicymakersandguardrailsforfutureinvestors,aswellasanintelligentexposeforactivistsandteachersfrustratedwiththerepeatedunderperformanceoftheseattemptstoshakeupeducation.