Over the past two decades, major social and legal developments have made an enormous impact on U.S. universities' core functions of research and teaching, leading to a move away from the traditional "public interest" model of the university towards a "corporate" model of higher education. Such trends toward "corporatization" include the commercialization of academic research, as universities have enthusiastically embraced federal legislation giving them the right to patent and license federally funded research results, thereby cementing university-industry ties. Universities have cut back on tenured faculty lines, which provide lifetime job security, and have instead expanded nontenure-track faculty, including teaching by adjunct faculty and graduate assistants. Universities have created for-profit corporations offering distance education courses. In each of these developments, faculty have played key roles in either promoting or resisting the changes. This article seeks to explain these responses, in two parts: first by studying the faculty's professional identity, and second, by addressing the question of whether the faculty's professional identity shapes their responses to these important changes in universities.