Japan and America: A Comparative Study in Higher Education Development with the Influence of Financial Market

DOI:10.21742/AJEMR.2019.4.3.04

AUTHORS

Tomoaki Hamanaka,Keio University, Yokohama, Japan

Takayuki Kogawa,Waseda University, Tokyo, Japan

ABSTRACT

At the turn of the century, the economic foundation of higher education in OECD countries has undergone significant changes. Financial markets have become an important factor affecting the development of higher education in the context of slowing economic growth. On the one hand, the speed of economic growth has slowed. On the other hand, "marketization" has begun to appear in the discourse related to the reform of higher education. In this regard, the United States and Japan have many similarities. The mechanism by which the financial market plays a role in higher education and its consequences, etc., There are many differences between the United States and Japan. This article describes a conceptual framework based on higher education-related factors, outlines how various factors promote changes in Japanese higher education, and how the financial market has become an important factor of participation since the turn of the century, and discusses the macro meaning of the picture for future policy directions.