Not a terribly funny story, but worth telling: it involves the number of American university presidents who see each other more often in Chinese or Indian hotels than in any domestic venue.1 The enthusiasm for international ventures, plus the staggering procession of foreign delegations to American institutions, has reached new heights during the past five years. Some of the activity involves arrangements for study abroad or international recruitment, but much discussion goes beyond this. Shared degree programs, collaborative research ventures at institutional as well as faculty-to-faculty levels, and the effort to set up American operations directly abroad shape an increasingly varied and ambitious agenda.2