Essay about Academic Capitalism

3332 Words 14 Pages
“You didn't get there on your own. I'm always struck by people who think, well, it must be because I was just so smart. There are a lot of smart people out there. It must be because I worked harder than everybody else. Let me tell you something – there are a whole bunch of hardworking people out there.” (Obama, 2012) How does this quotation relate to the increase of capitalism in the education institution? It has to do with the mentality of what people believe they are entitled to which is for the most part, a libertarian perspective. Libertarianism promotes equality of rights and a free market economy; however, there is a bias in favour for people who happen to have the benefits of arbitrary factors such as a good education or the …show more content…
The switch between an industrial economy to our present-day knowledge economy has been brought about by the massification of higher education participation. As a result of this massification, a bachelor's degree can no longer earn the same kind of job as it could a few decades ago. The difference is seen even more strongly with high school diplomas, as “at the turn of the 19th century, when high school degrees were held by less than 10% of the population, they were badges of middle class respectability and until mid century conferred access to even managerial jobs.” (Collins, 2011: 228)The term coined with this phenomenon is credential inflation. People now have to have higher education in order to remain competitive and gain a high status job. A given level of education once gave access to elite jobs, as education attainment has expanded, the importance of
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