Rapidly Changing Globalized Economy and its Impact on Education in the Era of Globalization

Knowledge is the driving force in the rapidly changing globalized economy and society. Quantity and quality of specialized human resources determine their competence in the global market. Emergence of knowledge as driving factor results in both challenges and opportunities. It is well known that the growth of the global economy has increased opportunities for those countries with good levels of education. Globalization has a multidimensional impact on the system of education. In the near future, globalization will mean a more competitive and deregulate educational system modeled after free market but with more pressure on it to assure that the next generation of workers is prepared for some amorphous job market of 21st century. It has underlined the need for reforms in the educational system with particular reference to the wider utilization of information technology, giving productivity dimension to education and emphasis on its research and development activities. The benefits of globalization accrue to the countries with highly skilled human capital and it is a curse for the countries without such specialized human capital. Developing and transition countries are further challenged in a highly competitive world economy because their higher education systems are not adequately developed for the creation and use of knowledge. Converting the challenges into opportunities depends on the rapidity at which they adapt to the changing environment. This paper has tried to outline how global phenomena in higher education suddenly focus on marketisation, competition and management in higher education.