As I was bidding farewell to the World Bank earlier this year, I received an invitation from Green Templeton College, Oxford University, to attend the Emerging Markets Symposium – an initiative that convenes leaders from government, academia and the private sector to address the major policy challenges facing emerging market countries.

The policy theme for this year’s Symposium was tertiary education and I delivered the opening lecture. This came before my last week with the Bank and, with several former colleagues in the audience, it could have been tempting to look back at my Bank work over the past twenty-five years. Instead, I did something more important, challenging, and pressing: I speculated about the future.

“Let’s try to picture it,” I told the audience, and I listed some scenarios.  “In the future, students will take all their exams online and their degree will only be valid for five years.”
“Those in need of financial aid will participate in eBay auctions to apply for a scholarship.”
“Graduates will be reimbursed the cost of their studies if they don’t find a job within six months.”
And, to give a final example, “in countries where it’s difficult to attract engineering students to study engineering, universities will go straight to kindergartens to motivate candidates.”

Do these sound outlandish? They shouldn’t. As I then pointed out to the audience, all of the above are actually taking place somewhere in the world today. The question, of course, is what it means- and what the implications are for emerging market countries.

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