<p>In the USA, in general, educational spending is driven by what a family can afford, and not by prestige. Also, we don’t think of our children as walking/talking 401K retirement plans, our kids expect us to care for our own retirement planning, so “Walmart State U” maybe the best option (based on grades and $).</p>
<p>“Education Fever” is a cultural issue in Asia. Unlike the USA, prestige is everything, it dictates what jobs and career’s will be open to each student. In the USA, our CEO’s can come from Public, Private or even the military academies. You don’t need to go to an Ivy school to be the CEO of IBM. However, in general, that’s not the case in Asia.</p>
<p>Added to that, in Asia, children are expected to care for the parent’s retirement. Happy children is not the goal, successful, $ earning children tops all.</p>
<h2>From the article:</h2>
<p>But it is not easy to dampen education fever. In South Korea as in other East Asian countries, “it is deeply embedded in the culture. It’s also based on reality that there is no alternative pathway to success or a good career other than a prestige degree, this was true 50 years ago, and it’s just as true today”. </p>
<h2>“As long as that’s the case it’s actually rational for parents to spend so much and put so much pressure on their children,” said Prof Seth.</h2>
<p>I remember reading about this “issue” in the 1980’s, in this case, it was Japan. </p>
<p>Happy medium? Lets keep our culture based on individual performance and not so much prestige (which will always play a role); and let’s continue to allow families the option to make rational choices when it comes to education. In most cases, they will make the “right” choice.</p>