The Importance of Apprenticeships in Creating Economic Opportunity

This chapter discusses the perception of college as the primary pathway to economic opportunity in the US, but highlights the increasing costs and student loan debt associated with college education. The chapter also explores the issue of creating apprenticeships, with many people believing that the responsibility falls on companies to establish and hire apprentices. However, it is revealed that apprenticeships thrive in other developed countries, such as Germany, Austria, and Switzerland, due to the presence of intermediaries, like chambers of commerce and unions, who are required by law or incentivized to set up and run apprenticeship programs for employers. The chapter concludes by comparing the success of apprenticeships in countries like the UK and Australia, which have a robust ecosystem of intermediaries, and highlights the need for a similar approach in the US.