The university of medieval Europe was a new kind of educational institution. It had the status of a corporation governed by its own statutes, giving it a legal existence separate from its members. Corporate status meant that the university could survive the loss of all its original members, rendering it effectively immortal. Indeed, most medieval foundations continue to this day. The people running the university were free to manage its internal affairs as they saw fit without outside interference. Although it took royal or papal prerogative to found a university, once in existence, it could enjoy a significant amount of academic liberty.

Students paid fees to follow a syllabus based on the liberal arts, which was similar at all universities. At the completion of their studies, ...