This is a qualitative study that examined the impact of academic capitalism on academic managers at five land-grant universities located in the Southwest United States. This study included in-depth interviews of Presidents/Chancellors, Provost, and Academic Deans to gain insights into their perception of academic capitalism, neo-liberalism, faculty work-life, challenges associated with leading institutions during the twenty-first century, and the future of higher education. The study included observations, in-person visits to campus, participation in academic meetings, and interviews. The study concluded that the concept and overall impact of academic capitalism are not well understood among academic managers within the academy. In addition, three themes emerged from the study: the rise of educational entrepreneurism increased competitiveness and increased accountability from external constituents. The findings conclude that higher education is managed as a nonprofit corporation, and the expanding oversight of every function of the university will continue to grow. In addition, academic managers within the study outlined skill sets future academic managers need in order to be successful. The implications of the study reveal reduced shared governance and collegiality within the academy. Every constituent group is impacted by the rise of academic capitalism. Board of Regents can learn about the impact that reduced stated funding has on institutional operations, the importance of academic managers leading sharing governance, and the need for professional development for future academic managers. Current administrators have a better understanding that the shift has created additional workload, increased audit trails, and molded a new culture of intrusive accountability to reign. Faculty and staff learn that there is a new working environment, and most internal and external constituents don't understand or acknowledge the new environment. State legislatures can gain a better understanding of the impact of reduced state funding and the environment it shapes for higher education. Parents and students can better understand the rising cost of higher education while examining the best options for higher education. External influencers have redefined higher education and society has embraced a narrative that values higher education as a private good. Future research could also explore how, and whether, academic capitalism has impacted self-funded private, prestigious institutions. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]