Abstract
This article is an elaboration on Stanford University panel discussion entitled "looking ahead: governance and democracy". The main speaker of the panel was Professor Paul Collier of Oxford University, with other contributors from Stanford. In exploring the topic, the panel discussed ways. and previous experience. concerned with driving less developed Countries toward better future. Professor Collier suggested "four instrttnicms" for influencing development in these Countries. In this respect, "knowledge", which represents an important instrument for both human and economic development was overlooked. This article emphasizes "knowledge", and addresses the issue of "globalization of higher education (HE)" as an important "instrument" for 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.