Legal education in the era of globalisation: What makes for market failure?
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Extract: Higher education is increasingly viewed, particularly in the United States, as a market approaching systemic failure. Legal education has been singled out as a subset of this overall trend, emblematic of a growing disconnect between investment and outcome. Internationalisation adds another layer of complexity and volatility to designing effective interventions that connect students with globalised opportunity. Crucially however, it also provides a chance for a rigorous re-evaluation of the purposes and modalities of legal education, and a greater reflection on sustainable growth rather than the reinforcing of bubble logic. In this chapter, I want to use the concept of market failure - and in particular, the theory of information asymmetry - as a critical methodology for constructing law faculties' responses to internationalisation in both education and the legal services.
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