Higher education, knowledge capitalism, and the global auction for jobs

The chapter examines higher education and its relationship to the global labour market. Where once the demand for graduates was contained within national economies, it is no longer the case. The global demand for graduates is driven by the strategies of transnational companies, which seek ‘talent’ across the globe. This chapter assesses the impact of corporate strategies on the demand for graduates in specific countries and develops a theory of what we term the Global Auction for Jobs—including high-skilled jobs. This theory offers an explanation of the global (re)stratification of ‘knowledge’ work and also of rising income inequalities within the graduate workforce of America and Britain, which result from corporate models that draw a sharp distinction between managerial and professional talent, as distinct from other graduate employees