Inherently Global: Higher Education and Economic Impact
Writing about web page http://www2.warwick.ac.uk/knowledge/business/gus
A blog post by Dr Joanna Newman, Director, UK Higher Education International Unit
A world-class higher education system is essential for growth and competitiveness in a global knowledge economy. An excellent modern higher education system demands internationalisation in staff, students, partners and outlook. Many UK universities are already leading global enterprises in their own right. With fierce and growing global competition in higher education, and no fat to cut in the highly productive UK system, the need to collaborate with international partners is greater than ever.
As institutions rooted in their communities, they draw visitors, businesses and investment to their cities and regions and act as anchors for skills and enterprise. A high-tech cluster is a rare phenomenon, but every ten international university students in the UK support six local jobs.
Higher education alone is one of the UK’s largest export earners, at over £8 billion a year, and has the potential to more than double in value by 2025. Research and innovation, the key drivers of long term productivity, are already inherently global. Universities are central to attracting and retaining globally mobile investment (and 23 per cent of UK R&D is from abroad, more than any large economy). Just as importantly, they attract and network global talent. Students considering their prospects in an increasingly globalised labour market are realising that future employers will expect the cultural agility to communicate and work with members of a cosmopolitan team, so offering outbound international experience will be important to attracting domestic students and creating global employable graduates.
The UK higher education sector’s leading position, second in the world as a study destination and for research quality, is an asset for one country that brings economic benefits around the world; improving employment rates and wages for returning graduates, assisting international development and building the capacity of emerging powers. Sharing a home with international universities gives business access to talent and new knowledge, the capacity to absorb innovation from elsewhere and the contacts to trade. The government scholarship schemes launched by fast-growing nations show that higher education mobility is an investment priority of the innovation economies of the future.
Universities’ links with other academics, industry or policy makers are often the leading edge of wider international collaboration. Indeed, the World Wide Web itself had its origins in improving international research collaboration. Links between universities and business are vital, growing and global, but the largest and most transformative economic impacts from higher education come precisely because the core mission of universities is to create and impart knowledge. This essential mission creates relationships of trust that can endure short-term market fluctuations, and innovate far ahead of a market application.
This blog is part of a regular series on the Knowledge Centre looking at issues in higher education ahead of the Global University Summit (May 28-30 2013), hosted by the University of Warwick in Whitehall, London. As part of the Summit, a declaration of commitment and policy recommendations will be drawn up for the G8 summit of world leaders, taking place in Northern Ireland in June.
Image: Stars and Planes. Source: (Flickr).
Dr Joanna Newman represents the International Unit on the International Education Advisory Forum, is a board member of the School of Advanced Studies and regularly represents the sector on national and international platforms. She is an Honorary Research Fellow at the University of Southampton and a Fellow of the Royal Society of Arts.