Why this modern education system?

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Why do I get the feeling that the current education system is designed for students who existed a few hundred years ago? Each and every individual is expected to have basic knowledge about science, history, geography, mathematics and other related subjects. Why? Why is it that specialization takes place only after the individual has spent more than 10 to 15 years studying general subjects? How many individuals have actually applied the mathematical formulas that they learned in school?

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