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The Universiti Sains Malaysia Accelerated Programme for Excellence (APEX) program is an attempt to engage the difficult and complex problems of competition, moral leadership and responsibility in Malaysian education. This paper discusses and gives an analysis of some central issues with regards to USM' s reform agenda. I seek to place the USM project within a broader debate over the nature of reform and the possibilities of business unusual in the Malaysian and global environment. The paper is part of a broader project of theorization of USM in the context of understanding what APEX is and how it truly offers a new and vigorous engagement with the problems of higher education in Malaysia.