This paper develops and tests conceptual tools for studying hidden causes (i.e. those not presented in the public space) of the university student discontent under academic capitalism. Accounting for latent student discontent is important for understanding current managerial practices in higher education. While academic capitalism presumes an orientation to the needs of the students, it also presumes the need to orient university education towards the requirements of the labor market. Empirically the study draws on interviews and focus groups with students and lecturers in three large universities in Russia and Ukraine. The theoretical framework of the study is based on French pragmatic sociology, in which a university is considered an organization constituted by moral conventions between its members. The authors reveal the critical arguments which students articulate regarding their education as well as two ideal types of latent student discontent that characterize those who are enrolled in natural and socia