The individual components of the link between education and economic growth will be considered — and deconstructed — here and in the following chapters. This chapter deals with formal education, which poses difficulties for analysts of capitalism because labour has traditionally been viewed as a relatively undifferentiated (and presumably uneducated) entity whose services can be bought and sold on the marketplace. For defenders of capitalism, the ending of the supposedly mutual obligations of lord and serf of the medieval era initiated an era of freedom for labour, while for Marxists, a period of continued exploitation under a new guise emerged.
KeywordsHuman Capital Socialist Optimism Progressive Education Charter School Human Capital Theory
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