Over the past two decades, references to "crises" in tertiary education - and in universities in particular - have appeared with increasing frequency in popular and academic texts. Some commentators have concentrated on shortfalls in funding and the exploitation of staff; others have focused on the "moral collapse" of the university, or on issues of curriculum reform and "political correctness" in the classroom. In New Zealand, as in many other countries of the Western World, serious concerns have been raised about the commodification, marketisation and privatisation of education at the university level. This paper provides a concise overview of recent changes in the tertiary sector in New Zealand, and considers possible futures for higher education in the 21st century. Special attention is paid to three themes: the emergence of the "perpetual chooser"; potential changes in conditions of work for academics; and the reconfiguration of academic priorities in the age of the market. The prospects for resistance against elements of the marketisation process are briefly assessed.