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At big state schools like Bama and Mizzou, it appears that the bulk of the power is held in the hands of a few--Greeks, predominately.
The reputation of Greeks as being "elitist" is naturally based on the selective nature of the Greek system, in that it is not overly selective based on academic or intellectual pursuits (other than a GPA requirement)--instead, it is based more on social capital.
Greeks don't run the show on either of my campuses.
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