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Human Capital as a Decisive Factor of Societal Modernization: the Case of China

Student: Dariya Yulmetyeva

Supervisor: Inga Ivanova

Faculty: Faculty of World Economy and International Affairs

Educational Programme: Asian Studies (Bachelor)

Year of Graduation: 2021

Human capital is one of the most important concepts for modern economic theory, which helps to determine the amount and quality of income that a person brings to the country's economy. Thus, human capital is an important factor in public welfare, which is largely formed through education. However, education does not always contribute to economic growth, which is the most common indicator of social welfare. We believe this is due to the quality of institutions. And the mechanism in this case is the distribution of talents. The worse the institutions, the more talented people choose professions aimed at extracting rent from the economy, trying to get higher profits from these imperfections. Being a powerful economic resource, human capital has not yet been sufficiently studied in terms of its impact on economic growth, which is relevant for the topic of this WRC. The main body of research devoted to human capital, the modernization of higher education is still mostly based on observations of European countries and societies of a predominantly Western type. Analysis of the largest economic actor in Southeast Asia through the prism of modernization of higher education will help to better understand the reasons for successful growth and development. The analysis of how education was reformed, contained in this work, can become the basis for recommendations for changing the educational system of developing countries. Key words: Human capital, Agency, Modernization, Higher education

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