Allowing prices to move meant that markets developed. And, allowing banks to decide how much to lend, and to whom they would lend, saw them invest in credit assessment skills. It is important though to point out that the process was far from smooth. Mistakes were made.
Community colleges, for example, have become an important provider of job skills training not just for students who may eventually move on to a four-year college or university but for individuals with jobs - particularly older workers seeking to retool or retrain.