Abstract
A country’s competitiveness in the global economy depends on its ability to develop a knowledge-based economy. EU has emphasized the importance of education and training systems for the knowledge society. The paper aims to contribute to the debate on vocational education, and specifically to the literatures on varieties of workforce development, human capital, labour market and social cohesion. Findings reveal that education is considered vital for the formation of a skilled and knowledge-able pool of workers. Investments in vocational and technical skills can be an important factor in contributing to economic development. Nevertheless, social cohesion depends on the way in which education and the labour market are linked. The contribution of this paper is to assess the policy strategies dealing with local youngsters’ education, labour market demands and social cohesion with respect to their potential of enabling young people to participate in working life and society. It also offers a contribution to the growing field of political economy of the link between labour market and social cohesion, the variation and dynamics of education systems, and globalisation.
Highlights
Publicly-financed provision of adult education is extended from the second chance provision of general education for educationally disadvantaged groups to include adult vocational education and training forintegration in the labour market
Human capital is the key driver of economic development
Continued investments in human resources development should be present for the economic development of the local communities
Summary
1.1 Skill-Biased Technological Change and Human CapitalAs globalization reshapes the international economic landscape and technological change creates greater uncertainty, the demand for high-skilled workers has grown, and entrepreneurship helps to meet the economic and social challenges. (Lucie Cerna, 2016; Maria Rosário Cabrita, Cristina Cabrita, Florinda Matos, & María del Pilar Muñoz Dueñas, 2015) Responding to the persisting economic stagnation and to the new competitiveness challenge, Regine Schröer (2015) launches the goals of the dynamic knowledge-based economy, capable of sustainable economic growth and greater social cohesion, and stresses the need to invest in human capital and to accompany them with active labour-market measures. Daniele Morselli (2015) claims the need to incorporate innovation and entrepreneurial attitudes is underlined in initiatives, and Daniel Araya (2015) advocates the redesign of schooling in correspondence to advancing technologies. As globalization reshapes the international economic landscape and technological change creates greater uncertainty, the demand for high-skilled workers has grown, and entrepreneurship helps to meet the economic and social challenges. (Lucie Cerna, 2016; Maria Rosário Cabrita, Cristina Cabrita, Florinda Matos, & María del Pilar Muñoz Dueñas, 2015) Responding to the persisting economic stagnation and to the new competitiveness challenge, Regine Schröer (2015) launches the goals of the dynamic knowledge-based economy, capable of sustainable economic growth and greater social cohesion, and stresses the need to invest in human capital and to accompany them with active labour-market measures. As the local economies move away from low-cost labor advantages in manufacturing toward knowledge- and technology-intensive industries, the quality of the human resource
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