These trends present opportunities for Canada. Shrinking budgets in the advanced economies and expanding budgets in emerging markets will shuffle the established rankings of world universities. The elite global universities of today will have trouble holding their own against fiscal and financial crises at home and the scale of investments being made in developing countries. New and established academics will be looking for universities that can offer long-term, stable support for their research programs. Canada, as a peaceful, low-tax jurisdiction with a stable economy and a well-funded university system, is well placed to draw them in.