Higher Ed Relies on Asia

Fashion Consort News Bytes

In the US, the GI Bill was passed to help World War II veterans acclimate back into civilian life. One of the key components of this bill was to provide servicemen with access to an affordable college education. This had the effect of greatly increasing the amount of people with a college degree from the 1950s on, ultimately shifting education from a privilege of the rich, to a rite of passage for most Americans. And this access to education had the effect of increasing the middle class, while also shifting the economy from blue collar to white collar jobs.

However, as the economy shifted away from the factory to the office in the 1970s and 80s, blue collar jobs also became less desirable. This required companies to offshore their factories--and had the added benefit of cheaper labor, with less governmental regulation. By the 1990s, this meant that most fashion related production--textiles and apparel--no longer happened in the U.S. or in Europe; it had shifted primarily to China and India and then further into southeast Asia. This shift in production brought a wave of money to these countries, effectively shifting their economies and facilitating the birth of their own middle classes, as well as the fortunes of many.

In time, the new business owners of China and India and their children and grandchildren became the fastest growing consumer segment in the world. Not only were they buying more things, they were also going to college in higher numbers. For those that could afford it, attending top schools in London, Paris and New York--especially to study fashion--was the primary objective. These schools were seen as the penultimate in design and business education--and offered well-known brand names on resumes.

For the full transcript, visit: FCNewsBytes.com

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