There is a traditional privilege of universities, also of mediaeval origin. Universities use academic privilege to exclude outside control, particularly in the selection of staff. A self-selecting elite club is a danger, if it is given the power to socially exclude others against their will. In fact, it is almost a guarantee of misuse. It is in the nature of a university that all these effects intensify.
Universities compete among each other, and a hierarchy emerges.
At the top are the worlds elite universities, and international postgraduate schools. There are hierarchies of academic journals, of departments in faculties, of faculties in each university. The general trend is always toward increased selection. In this way the social effects of universities also intensify. Given European demography, the pool of potential students is shrinking.