This article is an elaboration of a Stanford University panel discussion entitled 'Looking ahead: governance and democracy', which is available on Stanford iTunes. The main speaker of the panel was Professor Paul Collier of Oxford University, with two other contributors from Stanford: Professor John McMillan and Professor Larry Diamond. In exploring the topic, the panel discussed the ways and previous experiences concerned with driving less developed countries towards a better future. The panel was useful and enjoyable and the speakers sounded highly sincere in their cause. Professor Collier suggested four 'instruments' for influencing the development in these countries. In this respect, 'knowledge', which represents an important instrument for both human and economic development, was overlooked. This article emphasises knowledge and addresses the issue of the 'globalisation of Higher Education (HE)' as an important instrument for a better future, not only for the less developed countries, but also for the whole world. The scope of the article is limited to this instrument and does not consider debating the views on the other instruments addressed by the panel.
Keywords: higher education, globalisation, knowledge, development instruments, developing countries, international understanding