Equally important for the promotion of excellence in the university is an emphasis on shared governance. The faculty needs to be involved directly in the process of running the university and in the setting of priorities.
Shared governance is often the critical element that is missing in Asian universities, no matter how talented the faculty may be. Either it is ministries of education that are trying to run things, or in private institutions - those who control the funds. Neither group knows much about teaching and research.
If we want to identify the great success of American research universities, and that success goes far beyond Harvard, we have to come back to the question of governance. Excellence requires a firewall between trusteeship, or government ministries, and the academic decision-making process. This American concept of shared governance wherein the faculty are engaged in running the university as part of a collaboration with the other stakeholders.
It is equally unreasonable to run a university as a "participatory democracy," the approach to governance that once existed in Europe. That approach in European institutions of higher learning was appealing to professors because it was democratic. But those institutions also suffered because they lacked an executive decision-making process; making changes became virtually impossible.