The system (at least with regards to the sciences) worked well during the cold war because we had some higher goal to focus on, now with that gone, it's just a bunch of hacks looking to line their pockets. Speaking as someone with a PhD the whole system needs to be razed to the ground and reconstructed in another way. Its disappointing also private industry doesn't step in and fund more greenfield work (i.e. where is the 21st century's bell labs?)