Long abstract

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As individuals and nations increasingly recognize that high levels of knowledge and skills are essential to their success, spending on education is increasingly considered an investment in the collective as well as individual future. Investment in human capital has thus moved to centre stage in the strategies of WEI countries to promote economic prosperity, better-skilled labour forces, social cohesion and other positive individual and social benefits. However, investment in education competes with other public and private demands and often faces severe constraints. The challenge of expanding education systems while maintaining education quality and equity-related aims seems inextricably linked to questions of education finance.