473
The social costs of adjustment and considerations of distributional equity
seem to have been universally neglected in World Bank-supported adjustment
programmes. Where distributional outcomes were relatively benign, they were
accidental.
(Helleiner 1991, p. 535)
16.1 THE CONTEXT
The importance of human resource development in general, and human
capital in socio-economic development in particular, has been well recog-
nised ever since the ‘human investment revolution in economic thought’
was initiated by Theodore Schultz in 1960 (Schultz 1961). Of the vari-
ous components of human capital, education and health have been found
to be the most important. Accordingly, several developing and devel-
oped countries have invested huge resources in education. Education
witnessed a ‘golden period’ during the 1960s with a substantial flow of
CHAPTER 16
The Effects of Adjustment on Education:
A Review of Asian Experience
© The Author(s) 2018
Jandhyala Tilak, Education and Development in India,
https://doi.org/10.1007/978-981-13-0250-3_16
Published in Prospects (UNESCO) 27 (1) (March 1997): 85–107; expanded
version in Education, Development and Underdevelopment (eds.: Sureshchandra
Shukla and Rekha Kaul), Sage, New Delhi, 1998, pp. 99–137. © UNESCO and
Sage Publications.