Good education system does not neatly translate to, say, economic success.
Italy has top-class university system, much older than Columbus, and yet the country seems to be stuck in stagnation for last 20 years and the talented fresh graduates of those top schools move abroad.
I would say it's one very important factor among others. Ray Dalio outlines many of the factors involved in nations rising and falling, including education in a freely available online book. I've found it an interesting read, although he takes a while to get to the point.[1]
You still need a government that can get out of it's own way, legislatively, while still providing an environment (or the right incentives for one) where business can and does get done.
Among many things. Recent governments in the US have been very ineffective. Legislators are more interested in making each other look bad than actually doing their job.
Italy has top-class university system, much older than Columbus, and yet the country seems to be stuck in stagnation for last 20 years and the talented fresh graduates of those top schools move abroad.