Challenges of education in LICS

Abstract

As globalization is increasingly affecting both LICs and HICs, the formation of mixed markets emphasizes the importance of private education. Functionalists, for example, highlight privately owned institutions as higher quality ones, as the competitive market forces them to innovate and follow the rapid technological improvements, to respond to customers’ demand. Higher education is becoming a necessity in LICs, as well. This is because it is much easier nowadays to “import” the workforce from another country. On the other hand, factories of transnational corporations are getting established in LICs. In this case, higher knowledge is not required, as the emphasis is placed on repetitive tasks and division of labor. The aim of this work is to provide a relevant analysis of scientific approach of various stand points in regards to different functions and applicability of knowledge, while considering the external factors, such as economic status of the country, to define the key challenges. Still, as the country progresses economically, the sector of production is likely to shift from primary (fishing, farming, agriculture) to the third one (services). As a result, LICs who aim to progress in an economical sense, must place greater emphasis on higher education, and align the educational process with the economic demand.