Education in our country seems to be the object of unrelenting criticism from elementary school through college. One startling question that some people are asking is – Are students being taught or are they being indoctrinated? Meanwhile, the cost of higher education has risen much faster than the rate of inflation. Back in the Dark Ages, I spent my freshman and sophomore years at Wake Forest University. The total cost per year was around $4,000. Today, one year at Wake costs around $80,000. Are students today getting an education that is 20X better than mine? Seems doubtful.
How do you measure the value of a college education? Is it primarily based on how well college prepares its graduates to find a rewarding job in order to become a productive member of society? In other words, should college education focus, first and foremost, on preparing students to compete successfully in a global economy, by instilling in them an entrepreneurial spirit and determined work ethic? That would make sense if one supports our current economic system.
However, it is increasingly obvious that many do not. In fact, some educators are trying to redirect the learning process, to teach students an alternative viewpoint. One that focuses on the flaws of capitalism, while it separates people into two seemingly preordained groups, oppressors, and victims. From this approach it seems natural that graduates would favor greater government control and view capitalism as the cause of inequality and not the best economic system to advance economically from any starting point. This is a critical debate for our country, which will play out over the foreseeable future.
When it comes to capitalism, all kinds of assertions come to mind. First, in any competitive arena, which certainly includes capitalism, there will be winners and losers. Importantly, winning today does not ensure winning tomorrow, and the same holds true for losing. It is the risk of being dethroned that keeps people motivated, and it is the opportunity for victory that does the same. Capitalism creates the opportunity to succeed and the risk of failure. Moreover, as is the case in virtually every competition, the playing field is never level. Advantages and disadvantages always exist, but again, they aren’t static, but constantly change based on a myriad of factors. What does all this mean?
In my view, it means that to categorize capitalism as either good or evil ignores the very nature of it. Ignoring the fact that free-market capitalism has been responsible for lifting more people out of poverty and for creating more wealth than any other economic system in history, the risks and opportunities, unique to capitalism, create life lessons and shared experiences that can forge character and build true community. When these positive consequences don’t happen, we need to ask why. Do we blame the winners, losers, or the officials? To the extent that capitalism gets a bad name today, the fault lies with all three participants. In general, winners need to show humility and compassion, losers the same, the officials objectivity instead of bias, and all three need to conduct themselves with integrity. Of course, it is more complicated than that, but wouldn’t that be a great start? My sense is more is expected from the winners within capitalism, and I don’t think that is unfair. I don’t think it is too much to ask the winners under capitalism to strive to live an understated life, and to be charitable and thankful. Obviously, there are many ways to do all these things, and how they are done matters. In any event, isn’t it greed, selfishness, and dishonesty that gives capitalism a bad name?
Still, I think it is an appropriate question to ask what students are being taught at all levels of education. Focusing primarily on college in this edition, what are students getting for the exorbitant expense of a college education? Specifically, what kind of life lessons are students learning in college today? It’s not an inconsequential question, because our nation’s future leaders probably form important core values during their college years.
On that note, these were the four most important life lessons I learned during my undergraduate and graduate experience:
- First, there are many amazingly brilliant people out there and I wasn’t one of them. To compete, I would have to outwork everyone.
- Second, street smarts, and the ability to understand people, was more important than technical knowledge.
- Third, you can learn a lot more by listening than by talking.
- Fourth, you will ultimately become what you read and who you hang around with.
So, when I found my first real job, in the investment department of an enormous pension fund, I kept quiet, listened to the smartest people, read everything I could get my hands on related to the stock market and economy, and worked as hard as I could.
I had every expectation that by following these guidelines I would accomplish all that I set out to do. Filled with idealism, I saw few limitations. The investment business fascinated me right from the start and I knew early on that I would spend my entire career in some investment-related capacity.
Today, I wonder what recent graduates would say were the four most valuable life lessons they learned during college. Would their answers tell us anything about the quality of their education or about their potential contribution to the future of this country? I was curious, so I decided to pose that question to several recent graduates and here were some of their insights:
- Be open-minded. There is tremendous power in listening.
- Get out of your comfort zone. Failure isn’t fatal and can be a path to perseverance.
- Master your emotions. Doing so can produce resiliency.
- Connect with people and be reliable, which is the foundation post for lasting relationships.
- The uncommon path is usually the right path. Today I will do what others won’t so tomorrow I can do what others can’t.
- Authenticity equals charisma and charisma unlocks doors.
- People don’t care what you know until they know how much you care.
These answers make me more hopeful about our future. And that’s a good thing.