Word: refurbishment
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Dates: during 1990-1999
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Post-secondary institutions are feeling both an economic and a demographic squeeze. As the stock and bond markets continue to wilt, schools can no longer expect robust returns on their endowments, so they are struggling to refurbish their capital. Meantime, the days of bulging classrooms are long gone. The 1965-75 baby bust led to a 10% dip in the number of college-age students in the 1980s; the head count will plummet a further 25% by the mid-1990s. The ability of institutions to simply crank up tuition and fees has also hit a ceiling. Last spring Princeton scaled...