The Transition of Saudi Arabia from a Resource-based Economy to a Knowledge-based Economy
Developing Human, Social, and Moral Capital in the 21st Century
Hadeel Ibrahim AlzaidAlsharif
Capital is sometimes broadly understood to be material wealth, whether liquid or otherwise, that can be used for further production. Thus, those who own capital, or the means of production, are in a position to increase their own wealth. However, such understanding of capital in material or economic terms is inadequate. Although it explains the flow of wealth within a resource-based economy, it does not explain what is necessary to transition from a resource-based to a knowledge-based economy. In a knowledge-based economy, where capital is no longer strictly associated with material wealth or ownership, there is more potential for benefits to circulate and for the entire society to be enriched. Yet, how this can occur and what its foundations should be remains unclear.
KASP aims to boost the educational level of the population, redistribute wealth and capital, and generate cultural and social capital. Such programmes are arguably a crucial part of establishing a knowledge-based economy, which Saudi Arabia aims to do through Vision 2030.
This book concludes that, in addition to acquiring a degree from a university abroad, Saudi nationals develop ‘moral capital’ that is accessed through authentic encounters with the local societies and networks in the foreign country of study. This outcome contributed to a greater understanding of moral capital, particularly as it relates to the unanticipated finding of Saudi students who returned from their studies abroad with altered perceptions of morality and new beliefs about right and wrong. Therefore, this book recommends that this mobilisation of moral and social capital be supported by developing better opportunities for the reintegration of KASP graduates in order that they can apply their knowledge and new perspectives, particularly through the education system and the job market.
Dr. Hadeel AlzaidAlsharif is an Assistant Professor in the Department of Information and Learning Resources at Taibah University, Medina, Saudi Arabia. Her research interests are Information Management, Knowledge Economy, and Forms of Capital.
ISBN 9783969391112. LINCOM Studies in Economy 02. 276pp. 2022