We have all heard of institutions such as private elementary schools. However, is private schooling good or bad for society overall? The Youtube channel, the Economist, discusses both the pros and cons of enabling private schools in our everyday lives.
One undeniable fact is that private education is increasing all over the world, with China being a huge driver of elite private schooling. This increase is primarily due to an increase in family income, and a decline in birth rates across the globe. Another reason is that many industries are demanding more skilled labor, meaning children today will need better education to meet industry demands.
One distinct advantage to private schooling is the ability to deliver high-quality education. Fast-growing cities can benefit by working alongside private schools to educate a large portion of their population.
Having an abundance of private schools leads to an overall decrease in social mobility and equality in society. The private sector tends to favor exclusivity rather than inclusivity. Those who are poor may not be able to afford private schooling for their child. Governments are advised to work with the private sector rather than against it.