Impact of Marketization on Higher Education in the UK

AbstractMarketization is an increasing phe nary(prenominal)enon in perspective the sure environment. Every sector of the economy continues to adopt the conceit of marketization in a tenderise to enhance efficiency, tellingness, and competitiveness of the affected sectors. One of the important sectors identified in the current literature canvass is high teaching method. The constitution below provides a critical literature round off on the institution of abstractive and verifiable reviews. The theoretical review identifies and explains the opening of marketization whereas the semiempirical review evaluates the varied findings and views of the scholars and researchers on the contact of marketization on high(prenominal) bringing up. The results of the review dry land that there argon both proscribe and positive adjoins of marketization on high command in admire to UK.Key words Marketization, high(prenominal) command, theoretical, empiricalIntroductionThe follow ing is a review of literature on the impact of marketization on high education in the UK. Evidently, marketization, which involves the restructuring, remodelling, and transformation of publicly- owned enterprises or organisations into market-based entities, continues to be a common phenomenon especially in the current century. Through marketization, absolute majority of the higher instruction institutions in the UK gather in been transformed from being owned by the government to market-oriented institutions to enhance quality and trading operations. A deem of researchers and scholars fix conducted an evaluation and analysis on the impact of the concept on higher education in the UK. Therefore, the current paper aims at reviewing some of the literatures explaining the impact of marketization on higher education. In accomplishing this target, the current literature review is performed on the basis of theoretical and empirical reviews. The review ends with a concluding tell th at summarises the main points whilst stating the stand of the analysis.Theoretical ReviewMarketization theory describes the functionality of marketization. According to Raffe and Croxford (2013), the theory of marketization provides a good foundation to nations in introducing the aspects of choices, competition, and public accountability, which are inbred in enhancing the quality of products or service under production. Evidently, the theory of marketization helps in eliminating different economic problems and concepts much(prenominal) as unfavourable market competition, inefficiencies in markets, and the lack of players and market forces that are likely to influence the production process. base on the theory of marketization argues it is important to transform an ideal economy by getting rid of the planned economic system and allowing market-based scenario to prevail in the economy in question (Quinlan, 2014). Amongst the aspects discussed within the theory of marketization in clude liberalisation, espial reforms, stimulating of competition, incentive creation, and outsourcing reforms that will help in transforming the higher education sector. Other aspects explained within the theory of marketization include the reduction of regulation, opening market-oriented systems, and effective allocation of resources (Xue-chao, 2012). From such perceptions, it is arguably important to note that the theory of marketization explains the circumstance that by means of the concept of liberalising an economy all the trade barriers and price controls are significantly removed, which provide space to the various stakeholders to actively engage in ensuring that there is high quality production process.From the perspective of the marketization theory, a number of economies across the globe are calling upon for the deregulation of institutions of higher encyclopedism with the aim of making them more competitive within the global market. The 2013 social class has been a ye ar of marketization of the higher education system in the UK (Raffe & Croxford, 2013). by dint ofout the 2013, UK developed policies and strategies towards attaining a fully marketised system especially for the higher education sector. Since 2013 UK has developed numerous and possibly effective policies that are aimed at back up the expansion of higher education. Expansion of higher education as pass judgment by the UK government through development of various policies has the sole objective of increasing mesh of all the stakeholders in education (McNeill, 2012). Increased participation of all involved stakeholders in the higher education courtesy of marketization concept results into a more educated workforce, which has actually enabled the UK to experience a maturement in its economy. Indeed, marketization of the higher education in UK has offered a perfect ground-breaking taste on how the government policies can be employed towards altering the structures and operations of different institutions for higher learning especially universities and technical colleges (Xue-chao, 2012). The following plane section provides an empirical review of the previous studies and views of the scholars on the impact of the marketization on higher education with special focus to the UK.Empirical ReviewDifferent scholars and researchers guide performed evaluation, analysis, and studies on the impact of marketization on higher education in the UK. chocolate-brown (2013) conducted a assume that aimed at describing the concept of market-based policies with regards to higher education in the UK. In addition, Brown (2013) excessively aimed at assessing the historical background regarding the current reforms within higher education in UK especially in measure to marketization. The study by Brown (2013) established that there has been an improvement in higher education as seen within the idea of competition, efficiency, responsiveness, as substantially as innovation court esy of marketization. From the perspective of the theory of marketization, Brown (2013) argued that marketization has provided the probability for different stakeholders former(a) than government to also engage in providing services of education and learning in higher institutions of learning. Therefore, from the study of Brown it is diaphanous that marketization has positive impact on higher education within UK.The former(a) study was performed by Hommel and index (2013) who sought to find out the fiscal dimension of specific reforms by the government especially in respect to developing an educational sector that is risk-based. From the corporate risk management literature, Hommel and King (2013) found out that business schools, which continues to adopt the risk-based regulations and reforms to meet their objectives and targets with respect to learning process, face a lot of challenges especially in line with managing risks. In this respect, Hommel and King (2013) established th e fact that business schools especially within the ranks of universities and other institutions of higher learning should be careful about their financial solvency through effective and efficient maintenance of functioning risks. Hence, on the perspective of the study conducted by Hommel and King (2013), it is evident that in as much as marketization provides some positive impacts there are negative impacts that accrue receivable to the concept for instance the increase exposure to various financial risks.Natale and Doran (2012) also performed a study on the marketization of education in a bid to identify the ethical dilemma that exists in the same. From the study, it is clear that the marketing of education continues to be epidemic, which calls for the suffusion of both practices and principles of business in the management of higher education. However, Natale and Doran (2012) established in their study that in as much as the higher education is becoming more advanced, efficient, effective, and very competitive, the idea of exposing higher education to marker-based systems has resulted into increased costs of education. As a result, there is a growing ethical concern, that is, even though on one side the higher education sector is becoming more efficient, effective, and competitive, the cost of accessing such higher education has become higher and unattainable since the pricing has been go away on market forces. Such views have also been put forward by Tapper (2013), who argue that despite positive impacts of marketization on higher education, the market-based systems have exposed the pricing of higher education to market forces, which makes the entire cost expensive. Hence, there is need to identify whether to enhance efficiency at the expense of the cost of providing education.The other study was conducted by Holmwood (2012) with an aim of analysing markets and publics as the new battlegrounds for the sector of higher education across many economies. Hol mwood (2012) evaluated the new-fangled polity changes especially started by the British Conservative-Liberal Democrat coalition government. The policy by the coalition government is a preferred paradigm change over with respect to restructuring and remodelling of the higher education sector. The findings from the study showed that there has been radical and neo-liberal come near towards transforming the higher education sector. So far, the policies developed by the government have been very successful in enhancing the efficiency, effectiveness, and competitiveness of higher education. However, Holmwood (2012) stated in the study that the only problem with transforming higher education sector into a market-based system is the fact that monocultural perspectives are likely to result into value of what is lost. notwithstanding the problem of monoculture as created by the market-based systems, Holmwood (2012) strongly believe that marketization is indeed a good concept a view that has also been supported by Nickola et al (2012). Consequently, marketization continues to be a good foundation for changing higher education in the UK.ConclusionThe above is a literature review explaining the impacts of marketization on higher education with special focus to the UK. The review contains both main sections, namely, the theoretical review and the empirical review. On the basis of the theoretical review, it is evident that the theory of marketization calls for the removal of the public or government say-so in the running and management of institutions of higher learning. Whats more, the theory of marketization explains that through changing the higher education sector to market-based system, the private sector is exceedingly involved, which results into enhanced efficiency, effectiveness, and competitiveness of the higher institutions of learning. On a different perspective, the empirical review provides an analysis and evaluation of the various findings by different researchers and scholars on the impact of marketization on higher education. From the empirical review, it is clear that whereas there are numerous positive impacts of marketization on higher education, the concept also has negative impacts on the same sector.List of ReferencesBrown, R. 2013, Access to Higher grooming The shift key towards Market-Based Policies in the UK, DICE Report, vol. 11, no. 2, pp. 23-27.Holmwood, J. 2012, Markets versus Publics The New Battleground of Higher Education, Harvard International Review, vol. 34, no. 2, pp. 12-15.Hommel, U. & King, R. 2013, The emergence of risk-based regulation in higher education, The Journal of Management Development, vol. 32, no. 5, pp. 537-547.McNeill, T., 2012, Dont affect the administer price social media policy in higher education as reputation management. Research in Learning Technology, vol. 20.Natale, S.M. & Doran, C. 2012, Marketization of Education An Ethical dilemma, Journal of Business Ethics, vol. 105, no. 2, p p. 187-196.Nickolai, D. H., Hoffman, S. G., & Trautner, M. N., 2012, Can a knowledge sanctuary also be an economic engineThe marketization of higher education as institutional boundary work. Sociology Compass, vol. 6, no. 3 Pp. 205-218.Quinlan, K. M., 2014, Everything for saleThe marketisation of UK higher education. By Roger Brown with Helen Carasso. British Journal of Educational Studies, (ahead-of-print), 1-3.Raffe, D., & Croxford, L., 2013, How stable is the stratification of higher education in England and Scotland?. British Journal of Sociology of Education, (ahead-of-print), 1-23.Tapper, T., 2013, Roger Brown and H. Carasso Everything for saleThe marketisation of UK higher education. Higher Education, vol. 66, no. 5 Pp. 641-643.Xue-chao, Y. H. J. M., 2012, Marketization of Higher Education in the UK The Perspective of Financing J. Tsinghua Journal of Education, vol. 3, no. 015.