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Education, globalisation and the knowledge economy

In the grand scheme of things, however, even a million-dollar business is not particularly large. Many good regional businesses reach this mark, from home improvement contractors to small law firms. And though it is a worthy goal to have every business flourish as well as it can, our focus here is on startups that could go well beyond a million in annual revenues. These high-growth firms would, at the least, become prominent niche firms of the type described earlier. They would create jobs prolifically and serve global or national markets. Typically, they would be innovative firms, with new. | Education globalisation and the knowledge economy A Commentary by the Teaching and Learning Research Programme Governments all over the world want their countries to have high-value high-skill economies and they realise that the first step towards this aim is to have a well-educated workforce. In the UK an appreciation of the connection between economic success and education has led to widening participation in university as well as lifelong learning becoming new political priorities. But this Commentary from the Teaching and Learning Research Programme shows that this policy prescription may not be enough to avert a significant attack on skilled and professional employment in the UK. It reports on ground-breaking research with multinational corporations around the world which suggests that policy-makers have yet to appreciate the fundamental shifts which are now taking place in the way companies use skilled people. Large firms are increasingly aware that emerging economies especially but not exclusively India and China are building up their education systems at a rapid rate. Leading corporations are abandoning the idea that high-end activities such as research and design have to go on in the high-cost economies of Europe North America or Japan. Instead they are developing ways in which high-value work can be standardised as manual work already has been. Once this is achieved high-skill people in low-cost countries suddenly become an attractive option for multinationals. This means that we may be entering an era in which many of the young people now investing heavily in their education across the developed world may struggle to attain the comfortable jobs and careers to which they aspire. They risk being bypassed by decisions to send work that would once have come their way naturally to people in Asia and elsewhere who bring the same skills to employers at much lower prices. These insights are fascinating in their implications for the future of UK education and .