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The Death of Human Capital?Its Failed Promise and How to Renew It in an Age of Disruption$
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Phillip Brown, Hugh Lauder, and Sin Yi Cheung

Print publication date: 2020

Print ISBN-13: 9780190644307

Published to Oxford Scholarship Online: October 2020

DOI: 10.1093/oso/9780190644307.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 January 2022

The Failed Promise of Development

The Failed Promise of Development

(p.104) 7 The Failed Promise of Development
The Death of Human Capital?

Phillip Brown

Oxford University Press

This chapter examines the promise of human capital investment on economic growth and its consequences for developing countries. Education investment as a way of increasing the stock of human capital remains a key part of the World Bank’s approach to policy reform for so-called developing countries. The chapter argues that such accounts fail to understand the changing relationship between education, employment, and economic growth. Notwithstanding the rapid economic advances made by some emerging economies, most notably China and India, the experience of development has left many people within these countries stranded in the rubble of modernization, while others, including those with a tertiary education, struggle to find meaningful and sustainable employment. Despite continuous national investment in education and economic liberalization, many developing countries are falling further behind. The chapter describes some of the tensions and contradictions of development in emerging economies and how they are fueled by the failed promise of orthodox theory.

Keywords:   economic development, developing countries, education investment, human capital investment, policy reform, economic liberalization

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