This paper examines the role of specific and place-based social capital in the recognition and evaluation of international credentials. Whilst research on labour market segmentation has contributed towards an understanding of the spatial variability of the value of human capital, very little attention has been paid to the ways in which the credentials of more privileged social groups may in certain local contexts become valorised. At the same time, an increasing body of work in sociology has drawn attention to the globalisation of credentials and labour market competition. This paper brings together these perspectives, demonstrating how transnational social connections are put to work in the valourisation of 'overseas credentials' within a particular local labour market - Hong Kong's financial services sector. It reveals the extent to which social capital, which is at once transnational and locally embedded, confers value upon particular international credentials, with consequences for individuals' employment prospects. The paper stresses the continuing need to examine international academic credentials in localised contexts.
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http://dx.doi.org/10.1080/14767720902907895]

The ascendance to popularity of the liberal ideologies and the concepts of political economy of education will be put forward as the root cause for an increasing subordination of education objectives to national economic goals. Through a case study of the educational development of Hong Kong, this paper will evaluate the extent to which educational planning and policy decision should be guided by economic considerations. Although the rapid economic growth of Hong Kong and the rapid expansion of its education system in the past decades took place in parallel, there is no evidence that Hong Kong's economic success is directly brought about by its education. It will be concluded that apart from economic contributions, education has its own intrinsic values. While economic considerations are useful for planning and policymaking at a macro level, it may not be appropriate to indiscriminately apply economic principles in an intrusive way to direct the priorities of institution management and classroom teaching.
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