With the advent of capitalism and inception of new economic structures a couple of decades ago, social responsibilities were long foregone and only products that sold well were promoted by the society as whole, which includes both the producer and the consumer. In my opinion, conservative economics have been responsible for ignoring education on state level. The conservative economics, fueled by the work of Adam Smith introduced the concept of free markets (Carson, Thomas, & Hecht, 2005, pp. 10-15).
In free markets the forces of demand and supply determine what to be produced, how it should be produced and for whom it should be produced. Something that is desirable by the general public is produced, and it does not matter that it is good or not, as long as it is in demand. What we saw in the last three decades was widespread growth all over the western world as everything including all types of markets was gradually highly deregulated. These deregulations yielded good results in the beginning because there were so many unutilized resources, however devastating some societal concerns.
There are two reasons for the current dismal state of education in Peterborough which I think is caused by the kind of economics and corporate governance practiced in the last decades. Education and some other basic necessities of life can not to be provided by private institutions because private market forces are only focusing on profit maximization and not on promoting things which are good and necessary to sustain in future. Because the education sector was not in the hands of state at a level as it used to be in old times, private institutions used education as a commodity and thus only the type of education that was desirable was promoted, and not the one which was in accordance with social sustainability. As a result, gradually we reached a point where education lost its value and attention and the same issue related to Peterborough is being discussed here.