Well, let's see. First of all, it would be definitely be compulsory. Although I like the thought of inquiring young minds yearning to learn and striving to do well in their studies, experience tells me that most children, if given the option, would rather stay home and play than go to school. Most, if not all of them would surely regret such a decision in later life. So in that case, I think it's best to keep it non-optional, for their own sake. Secondly, it would be funded by the taxpayer, since I see no other viable option. The idea of some business interests or anything of the like funding a nation's education system is a little unnerving. I don't know how much it would cost, but it would be a sizable amount of the annual government budget. Certainly one of the biggest priorities in public spending.
As far as standards go, literacy and numeracy would probably be most important. Every pupil must be able to read, write and count as a bare minimum. These are the most basic requirements for any person living in a modern society. They're practically essential if you want to get by in the world, and so even a single child leaving school without these capabilities is simply unacceptable. There would be some focus on a practical, utilitarian education, in order to help children adjust and function well in society as they enter their adult years. But most of the curriculum would be learning for learning's sake, with pupils being exposed to a wide range of subjects, such as science, history, philosophy, art, etc. They should also have some control over their own class schedules, so they get to spend a little more time exploring the stuff that really interests them. Of course, critical thinking and freedom of thought would be encouraged early on, to enable them to question what they're being taught until they truly understand it. The best way I can think of objectively measuring progress would be through exams. Although, they would be structured quite differently, with an emphasis on the genuine understanding of the subject and not just a memorisation of paragraphs from an old textbook.
If I'm allowed to get a little fantastical and futuristic here, I'd love to see some kind of virtual reality introduced as a method of teaching, when it eventually comes about. Just imagine if you were able to enter a virtual world and experience any environment, meet any person, and do anything. You could witness historical events first hand, explore the stars, or talk one on one with Albert Einstein. You can choose your teacher, the scene of the lesson and the topic you wish to learn. You are the master of your own intellectual journey. No longer do you have to sit in a stuffy classroom and listen to some boring old fart drone on about stuff that doesn't interest you. Each lesson is an amazing adventure that leaves you invigorated, enlightened and begging for more. Such a method would revolutionise the education system beyond recognition.
So yeah... that would be cool.
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