Rajan Says College Admissions Scandal Is a `Blow to the System'

The transcript discusses the issue of academic corruption in America, where wealthy individuals buy their way into elite schools, undermining the meritocratic system. It highlights the challenges faced by students from less privileged backgrounds in accessing elite education and the role of ambition and guidance in overcoming these barriers. The conversation also touches on the personal background of a professor who experienced a diverse educational journey. The discussion concludes with the societal impact of corruption, fueling populism and distrust in the system.

Discuss the relationship between elite education and populism as mentioned in the text.

What are the potential consequences of corruption in the education system?