Success in economic growth and industrial development is directly correlated with growth of skill formation. Increased national education contributes to the expansion of a successful and growing economy (Education and Training…) In the past, the United States has proven to be uncontested in both educational and technological advancement. History has shown the US to be light years ahead of our competitors as far as levels of national intelligence as well as economic success. (For example, factoid) Though this information should prove reassuring, rapid increases in education and innovation among US competitors is less encouraging to the future of America’s economy. In areas of Eastern Asia, Hong Kong and South Korea in particular, years of schooling has nearly doubled since the 1960s. (Education and Training…) In fact, in South Korea, researchers find that,

“economic transformation in recent decades whereby per capita growth rates of around 7 percent a year from the early 1960s through to the 1990s transformed the country from a state of extensive poverty into one of comparative wealth. It is also well known that Korea’s education system has boomed over this period.”(Education and Training…)

“Unfortunately, U.S. leadership in technological innovation seems certain to be seriously eroded unless current trends are reversed. The accelerating pace of discovery and application of new technologies, investments by other nations in research and development (R&D) and the education of a technical workforce, and an increasingly competitive global economy are challenging U.S. technological leadership and with it future U.S. prosperity and security.”(National Academy).