Chinese students from wealthy families have been pouring into American colleges in record numbers. One of their favorite American destinations is metropolitan Boston and its many elite schools—especially Harvard University, home to the progeny of Communist Party leaders like president Xi Jinping, Jiang Zemin, and the now-disgraced Bo Xilai.

When outspoken economics professor Xia Yeliang was dismissed by Peking University (PKU) last month, 136 faculty members at Wellesley College, an elite all-women's school outside Boston, took it personally. They had reason to believe Professor Xia had been fired for his political opinions. And since Wellesley had recently signed a partnership with PKU, the latest in a flood of US universities to set up bridgeheads in China, they figured that made Xia a colleague of theirs.

Despite efforts to reduce the cost of a college degree, the price tag remains unthinkable for many. And it’s not just the cost of tuition, but also the extras like spending a year, a semester or even a summer in a foreign country. At a time when it seems as if every American college and university has a study abroad program or has agreements with institutions that offer the experience, one has to wonder: Is it worth it?

This week, after many months of preparation two of China's leading educational institutions, Peking University and Tsinghua University, joined the EdX online educational consortium by providing six courses available without charge online. China now has officially entered the movement known as the Massive Online Open Courses, or MOOC.

Around the world, international education has become a policy priority for almost every developed and developing country. But just how significant is higher education to a country’s reputation and what exactly is soft power?

Ten years ago, Roeen Rahmani and some friends spent $300 on an overhead projector and a rented room to teach a business course to Afghans emerging from civil war and Taliban rule. Nobody showed up for the first class. Today, that initial effort has evolved into Kardan University, a private institution educating more than 8,000 students in programs ranging from political science to civil engineering. But for Rahmani, the school's chancellor, it's not enough.

One Hong Kong university and 15 in mainland China have made the list of the best places to study if you want to be chief executive officer of a global company. Polytechnic University was ranked 72nd out of 100 universities worldwide in the Alma Mater Index, a new study by Times Higher Education, which rates universities based on the studies of Fortune Global 500 CEOs.

Market forces are working against college degrees in Marx, Lenin and Ho Chi Minh studies in Vietnam, where the Communist government has resorted to offering free tuition to attract students. Prime Minister Nguyen Tan Dung signed a decree last month giving free tuition to students agreeing to take four-year courses on Marxism-Leninism and the thoughts of Ho Chi Minh, the country's revolutionary hero, at state-run universities.