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.
The liberal economic approaches and ideas also failed to address the education problem properly. The liberal ideas focused on government intervention, trade unions, labor unions and controlled economic forces. Even though the government was able to control the educational institutions and policies regarding them, it failed to make them better and enlighten people about the relevance of the importance of education. This was because the main focus of the liberal economists was on controlling, sustaining, and empowering the labor class of the country. What they didn’t know was that only rightly educated skilled labor can empower himself appropriately (Carson, Thomas, & Hecht, 2005, pp. 16-20).
Radical economics, contrarily believes that if the market is left to itself, the market economy and the competitive world order will destroy itself, the environment and the global economy.