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The school has a strong entrepreneurial culture and the aggregated revenues of companies founded by MIT alumni would rank as the eleventh-largest economy in the world.
Post-war defense research contributed to the rapid expansion of the faculty and campus under James Killian.The Massachusetts Institute of Technology (MIT) is a private research university in Cambridge, Massachusetts, United States.Founded in 1861 in response to the increasing industrialization of the United States, MIT adopted a European polytechnic university model and stressed laboratory instruction in applied science and engineering.In 1866, the proceeds from land sales went toward new buildings in the Back Bay.The fledgling school still suffered from chronic financial shortages which diverted the attention of the MIT leadership.During these "Boston Tech" years, MIT faculty and alumni rebuffed Harvard University president (and former MIT faculty) Charles W.
Eliot's repeated attempts to merge MIT with Harvard College's Lawrence Scientific School.The current 168-acre (68.0 ha) campus opened in 1916 and extends over 1 mile (1.6 km) along the northern bank of the Charles River basin.MIT is a member of the Association of American Universities (AAU).The new institute was founded as part of the Morrill Land-Grant Colleges Act to fund institutions "to promote the liberal and practical education of the industrial classes" and was a land-grant school.In 1863 under the same act, the Commonwealth of Massachusetts founded the Massachusetts Agricultural College, which developed as the University of Massachusetts Amherst.In 1941, Vannevar Bush was appointed head of the federal Office of Scientific Research and Development and directed funding to only a select group of universities, including MIT.