The World's Most Elite Cartel
A article on the latest edition of American Interest Magazine drew a wide smile on my face. Not only was this article fact based and supported by loads of statistical data but it also echoed a sentiment I had been expressing for quite some time now.
The article titled "The End of University As We Know It" highlighted the rise of online education and predicted the eventual demise of the brick and mortar institutions that dominate the education world today.
During the last 7-8 years of my professional experience in the Information Technology field I have come across scores of colleagues who have epitomized higher education as the summit of professional excellence. Almost all of them seem to unanimously agree that an M.B.A. degree (for whatever reason unconnected whatsoever) is indeed the way ahead to a stable and secure future.
Its not surprising though that most Asian countries themselves place these management degrees on a pedestal and make it excruciatingly tough for students to gain entrance to these schools. This is then further compounded by a lofty fee structure levied upon the students for their courses. For this problem however, there is an easy solution. Banks are eternally ever-ready to dole out the finances needed for college education for worthy students.
This according to the article perpetuates a bubble. In my opinion this is a vicious inflationary cycle that drives up not only the cost of college education but a whole host of other supporting systems as well. Strangely though, not all colleges / universities should be painted with the same brush.
Consider this, the Top 10 universities in the US/India have something that most of the other universities do not possess in the same measure. They have a well-connected and highly influential alumnus. Most of the top jobs in Multinational firms have at some time in the past - hired grads from these B-Schools. This alumnus then works to ensure continuity, just like any other cartel would do except that this one is elite. Subsequent recruits would almost certainly be hired from the same institutes that they hailed from, thanks to their alumni. This is not necessarily bad though, unless of course, the other universities of a lesser God are deprived their right at the table because of some preconceived notions about academic excellence.Continued on the next page