Then again, capitalism gave many societies a lot of wealth that they then used to educate everyone.
this post was submitted on 11 Feb 2024
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That one is actually weird.
People with more education draw higher salaries. That only works because employers make a higher profit with better educated people. Which means that for profit-maximization, you want to have a pool of potential employees that is maximally well-educated on the expense of someone else. Note the push for more STEM graduates.
You'd think businesses would be all for tax-funded education for everyone.
One can argue that we have two kinds of capitalism. And that would be true for the classic, theoretical capitalism.
However, the modern one favors short term profit and stock prices. Which do not care if economies collapse in 20 years due to global warming, as long as the profit is good now.
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The business of student loans is far too profitable and powerful to just quietly go away in favor of your thesis.
I do like your thought process though.
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As soon as the selection criteria for access to higher education is less than meritocratic, it undermines the maximization of Economic outcomes because it reduces the chances for the best people for a job to end up in that job (you get maximum Economic productvity if all over the Economy the best person for a job is the one doing the job).
So even by Rightwing principles of better life by more money making, paid-for Education actually detracts from from it because it leads to less money being made (as people who would otherwise be the most capable for certain highly specialized positions are locked from reaching them due to not being able to afford the right education for it).
What paid gor Education does achieve, and really well, is making sure children with high-middle class and upper class parents inherit their priviledges, no matter how inept they are.
It's basically Feudalism extended to cover the Burgeousie, which is why you see this kind of thing deeply entrenched in countries with barelly reformed monarchic systems such as the UK.
BuT hOw WoUlD yOu PaY fOr It?!
More than this. People from different countries with qualifications are often denied to transfer their qualifications. We are missing out in more than one area here.
Please. Think of the shareholders!