The ideal of "bildung" as a goal for higher education and research (HER) in European Union member states is losing ground to more pragmatic goals such as innovation and growth. This shift in the policy perspective about the role of science in society has given rise to a system of multi layered governance which in turn is progressively giving rise to the emergence of a new normative regime for the HER sector. This normative regime involves the blurring of boundaries between the public and the private and the introduction of social accountability as a criterion for evaluating scientific knowledge. The paper concludes that the elision of the boundary between private and public disguises real problems about defining who owns what particularly in the light of the increasing commercialisation of public funded science. Further, the limitation of social accountability to select groups of actors who can afford to pay for influencing research raises questions about the ability of the new governance regime for HER to achieve the democratic aims that it purports to pursue.