The changes that small liberal arts colleges have undergone are discussed in this monograph in terms of their past, present, and future roles in society. The first section looks at these colleges in the colonial context and shows how they were altered by specialization, secularization, the rise of science and empirical research, and by an increasing stress on the vocational intent of higher education. The second section defines the population of small, private, less selective liberal arts colleges by drawing on the Carnegie Classification system. The third section develops a profile of these colleges. The fiscal crisis is discussed in the fourth section, using extensive literature on the financing of higher education. The fifth section develops a picture of the contribution these colleges have made to American higher education, and illustrates these contributions with some brief notes on the current activities of several small, private liberal arts colleges. Finally, the condition of these colleges is examined in the context of possible or necessary action by the institution, the state, and the federal government. (Author/ SPG)