This paper is the text of the opening speech which the author delivered at the 2002 IMHE General Conference on the theme of "Incentives and Accountability: Instruments of Change in Higher Education" which was held at OECD headquarters in Paris on 16-18 September 2002. This paper is the text of the opening speech which the author delivered at the 2002 IMHE General Conference on the theme of "Incentives and Accountability: Instruments of Change in Higher Education" which was held at OECD headquarters in Paris on 16-18 September 2002.