Nobel Prize winning economist and Columbia University Professor Joseph Stiglitz has said that Australia had “a system that is really a model for the rest of the world”, and that deregulating fees would move the entire system in the wrong direction. “Trying to pretend that universities are like private markets is absurd. The worst-functioning part of the US educational market at the tertiary level is the private for-profit system. … It is a disaster. It excels in one area, exploiting poor children. If you’re rich your parents can pay the fees, but if you are poor you are going to worry about how much debt you’re undertaking.