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"Current students who take the free online college courses can earn certificates of completion, but not college credit. However, if MOOCs are determined to be close enough to traditional college courses as to become eligible for academic credit, they could make higher education more affordable and accessible, Ms. Lewin writes."

"A college's decision to jump on the Coursera bandwagon is aided-and eased-by knowing that academic heavyweights like Harvard, Stanford, and the Massachusetts Institute of Technology are already on board. As one college president described it to The New York Times, "You're known by your partners, and this is the College of Cardinals." In our haste to join the academic alphas, many of us are forgoing the reflection necessary to enter this new medium. Our resolve to act swiftly belies the serious nature of this next phase of higher education's evolution. There are critical pedagogical issues at stake in the online market, and MOOC's have not done nearly enough to deal with those concerns."

"Minerva is one of the least-publicized but also most well-funded and audacious of the current crop of online education startups. Funded with $25 million from Benchmark Capital-one of the well-known venture-capital firm's largest-ever investments-Minerva says it will begin accepting applicants in 2015 for an entirely Web-based college program. The resulting undergraduate degree, it promises, will have all the prestige of anything the Ivy League can offer, but at half the cost."

The open-source educational marketplace will give everyone access to the best universities in the world. This will inevitably spell disaster for colleges and universities that are perceived as second rate. Likewise, the most popular professors will enjoy massive influence as they teach vast global courses with registrants numbering in the hundreds of thousands (even though "most popular" may well equate to most entertaining rather than to most rigorous).