Even were there no utilitarian benefits to students, employers, and the state, co-operative education would be a desirable modality of education for the way in which it links theory and practice more closely together and thereby enables students to find greater engagement with their studies. But, of course, there are benefits, substantive and substantial benefits, to all concerned: the student, the institution, the employer, the government, and society as a whole. It is the purpose of this proposal to identify and illustrate those benefits with specific reference to Ontario universities. It is also our purpose to identify the additional costs that serve to produce those benefits.