This document summarizes a presentation on the relationship between emerging world-class universities and higher education reforms from the perspective of new managerialism. It defines new managerialism and the characteristics of a world-class university. It then outlines some of the challenges in establishing a world-class university, including the lack of a clear definition, sustaining endless resources, the intermediary role of governments, and impacts on stratification in higher education. The conclusion is that establishing a world-class university may be a highly political process involving significant government investment and decisions around selection, resources, and more.