It is equally unreasonable to run a university as a "participatory democracy," the approach to governance that once existed in Europe. That approach in European institutions of higher learning was appealing to professors because it was democratic. But those institutions also suffered because they lacked an executive decision-making process; making changes became virtually impossible.

The president [of American research institute] can act as the CEO and make a firm decision about the long-term development of the institution, but he or she does so in constant consultation with the faculty. It may not always work this way, but the greatest advances occur when governance is truly shared.

There is another innovation at Harvard which I think made a tremendous difference and that is the decision to try to recruit the very best person in the field for an available faculty position. In the period after World War II Harvard literally engaged in world-wide searches for the very best and created a culture in which it was simply unacceptable to hire friends and associates, to make decisions based on personal affections or inclinations.

There are many in East Asia who simply judge students on the basis of national tests. The top universities in the United States do not do that, and for good reason. We need a careful process for admissions that take all sorts of factors into account: different intellectual strengths, artistic expression, economic standing, social background, ethnicity, regional representation and designs a class as a balanced whole.

Equally important for the promotion of excellence in the university is an emphasis on shared governance. The faculty needs to be involved directly in the process of running the university and in the setting of priorities.

Public image is extremely important in American society and I observed personally that the Presidency of John F. Kennedy did much in the public mind for Harvard. Harvard was an excellent school before Kennedy, but Kennedy embodied a new vision for the United States: a leader who caught the world's imagination and that reflected on his alma mater, Harvard.

I focus on faculty, as opposed to facilities, budgets, endowments or students. I do so because I believe, based on many decades of work as a teacher, a scholar and an administrator, that the quality of the faculty determines the quality of the university. Everything else flows from the quality of the faculty. If the faculty are good, you will attract good students and you will have alumni who will raise funds for you.