In the 1960 Master Plan for Higher Education, California in the United States famously combined the principles of excellence and access within a steep three-tiered system of Higher Education. It fashioned the world's strongest system of public research universities, while creating an open access system that brought college to millions of American families for the first time. Since 1960, the Master Plan has been admired and influential across the world. Yet the political and fiscal conditions supporting the Master Plan have now evaporated. California turns away hundreds of thousands of prospective students each year, and the University of California, facing spiralling deficits, finds it more difficult to maintain operating costs and compete with top private universities for leading researchers. The paper discusses the rise and partial fall of the Californian system as embodied in the Master Plan, and identifies general lessons for Higher Education systems.