| Summary: | In the last decade, Malaysia launched k-economy (knowledge economy) as a step forward to
move from its production based economy towards enriching its human capital. A move to face
escalating challenges due to globalization; to mature from a „developing nation‟ into a „developed
nation‟. Even though many creative and innovative programmes were implemented in the
entertainment and education industry, as well as in government and private sectors; the local
graduates and work force were still unprepared to face the ultimate forces of globalization as it
reached our shores. Other developed nations; the United States, Australia and New Zealand are in
the midst of revolutionizing their education system; not only at the tertiary level, but even at the
pre-school level. As such, the Malaysian Higher Education System should not only be producing
stereotyped graduates in quantities, but should take this opportunity to revolutionize, diversify and
develop its education system to produce quality graduates for the betterment and advancement of
its society. Therefore this paper intends to discuss the importance of the k-economy and the
reality of the current Local Higher Education and put forth a few suggestions to liberalize the
higher education system in Malaysia.
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