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This publication contains the three addresses and all papers presented at the 1974 annual meeting of the Association of American Colleges. The theme of the conference concerned the expectations of higher education regarding business and industry and the expectations of business regarding higher education. Topics included: what business expects of higher education; what higher education expects of business and industry; financing higher education; the institutional investor and social responsibility; management techniques and higher education; the education of women and the national economy; the goals of higher education and the manpower needs of a changing society; undergraduate education for living in a technologically intensive society; the financial community as a source of student loan funds; partnership between academic and business community, productivity in higher education; liberal education; education of the black minority and its effect on the national economy; can management strategy save the private sector; implications of statewide planning and coordination; modernizing the liberal arts; narrowing the gap in charges between public and private institutions; the case for pluralism and diversity in higher education; the role of the president--manager or educator; should higher education be cansumer-controlled; and the role of the institutional governing board. (MJM)