This chapter investigates the relationship of education and economic development by reviewing the evolution of the relevant
research field. Economic considerations regarding the value of education to human development have appeared since the ancient
times (Mace
et al., 2000a: 2). However, there are considerable differences in the ideologies, the evaluations and the ways these considerations
have been put forward at different times and by different societies (Karatzia-Stavlioti, 2005: 140–142).
After the Second World War a rapid expansion of education systems took place. There were discussions of the contribution of
education to economic development. Firstly, convergence theories stressed the need for the societies to respond to the challenges
of the new technological improvements (Ingels & Sirowy, 1983: 335). Then neo-Marxist approaches highlighted neo-colonialism
(Wallerstein, 1974; Altbach, 1971; Carnoy, 1974). Thirdly, there were the theories of neo-institutionalism, which focused
on world education culture; world culture became very important as a policy legitimization framework (Meyer et al., 1997; McNeely, 1995).