The New Political Economy of the Twenty-First-Century Higher Education
I pose the problems of quality in higher education to be addressed through a bureaucratic, technology-centric and accountability-based framework. It relies heavily on quantitative, information-based and ideal institutional system of higher education. The new political economy of the twenty-first-century higher education creates the balance of power in favour of state and utilises the individual choice and market-based principle of governance. The article argues the alternative in terms of shifting the power in favour of academia. The power of academia shall be realised only if the attention is focussed both on creation as well as the purpose of knowledge in the twenty-first century. Universities need to be hermeneutic for allowing the scope of creative activity and accommodate the voices of marginalised sections. It means practical rationality should guide the academia and administrators of higher education. JEL Code: I2, I28