Abstract

Two historical developments, namely, accelerated globalisation and the ICT (information and communication technology) Revolution, have caused all-pervasive and unprecedented global-level impact. No sphere of human life is left untouched by them. Unhindered growth of capitalism has culminated in a new world economic order, one of the distinguishing features of which is the predominance and importance of knowledge as a factor of production. The countries having well developed and efficient systems of production and distribution of knowledge are in a commanding position. The others, drawn in this new world economic order as their partners, are required to compete with them. For their mere survival, if not success, in this competition they are required to strengthen their knowledge production and distribution systems. Newly added ICT has revolutionised the systems of production, distribution, and utilisation of knowledge. Consequently, there has been a multiple growth in the significance knowledge for both individuals and societies. The knowledge and skills derived from it are becoming a pre dominant source of wealth, prestige, and power for the individuals. For societies, they have become a great determinant of economic growth and prosperity. As a consequence, aspirations of members of all the sections of society to acquire knowledge and skills are ever increasing and all societies are aspiring to develop strong knowledge base for themselves. The system of higher education in any society is deeply involved in the creation and dissemination of knowledge as well as developing among its students the skills necessary for its acquisition and utilisation. As knowledge has become a critical factor in determining the prospects of society, it has assumed importance than ever before. Consequently, the system of higher education, which plays a great role in the production and dissemination of knowledge, has also got a greater strategic impor tance. The countries across the world are therefore placing a premium on higher education. Lessons can be learnt from some countries in this

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