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Adam Smith and Friedrich List[4] —two economists —laid the foundations for two different dogmas in the history of political economy. Winch contrasted these two dogmas and summarized their main characteristics: “Smith proposes a market-led low skill model of training, while List proposes a high-skill model sustained by the state and institutions of civil society, such as craft guilds” (Winch, 1998, p. 365). Both men followed contrasting conceptions of political economy. Therefore, these conceptions are directly relevant for studying VET. In the following section, I summarize four aspects that have had a decisive influence on the development of educational concepts around the world and cite relevant quotes of the two economists.