Political economy of education - implications for efficiency, equity and social justice

Abstract

D iscussing the relationship between economics and education from a political economy perspective, this chapter focuses on the mediating factors of state structure, legal frameworks and culture, political and religious ideologies, class, ethnicity and gender. This contextual approach to the relationship between economics and education underpins the key argument that investing in human capital is necessary but not su cient to make education a force for societal progress and human ourishing. The chapter considers the aspects of educational investment and nancing that policymakers should incorporate into their decision-making, and their implications for social equity. The chapter examines two recent trends in educational governance -meritocracy and marketization and privatization.