From the new issue of The Economist (no free link):

AMERICAN universities like to think of themselves as engines of social justice, thronging with “diversity”. But how much truth is there in this flattering self-image? Over the past few years Daniel Golden has written a series of coruscating stories in the Wall Street Journal about the admissions practices of America’s elite universities, suggesting that they are not so much engines of social justice as bastions of privilege. Now he has produced a book—“The Price of Admission: How America’s Ruling Class Buys Its Way into Elite Colleges—and Who Gets Left Outside the Gates”—that deserves to become a classic.
Mr Golden shows that elite universities do everything in their power to admit the children of privilege. If they cannot get them in through the front door by relaxing their standards, then they smuggle them in through the back. No less than 60% of the places in elite universities are given to candidates who have some sort of extra “hook”, from rich or alumni parents to “sporting prowess”. The number of whites who benefit from this affirmative action is far greater than the number of blacks. …
Two groups of people overwhelmingly bear the burden of these policies—Asian-Americans and poor whites. Asian-Americans are the “new Jews”, held to higher standards (they need to score at least 50 points higher than non-Asians even to be in the game) and frequently stigmatised for their “characters” (Harvard evaluators persistently rated Asian-Americans below whites on “personal qualities”). When the University of California, Berkeley briefly considered introducing means-based affirmative action, it rejected the idea on the ground that “using poverty yields a lot of poor white kids and poor Asian kids”.
There are a few signs that the winds of reform are blowing. Several elite universities have expanded financial aid for poor children. Texas A&M has got rid of legacy preferences. Only last week Harvard announced that it was getting rid of “early admission”—a system that favours privileged children—and Princeton rapidly followed suit. But the wind is going to have to blow a heck of a lot harder, and for a heck of a lot longer, before America’s money-addicted and legacy-loving universities can be shamed into returning to what ought to have been their guiding principle all along: admitting people to university on the basis of their intellectual ability.