This article considers the counter-intuitive observation that some of the wealthiest nations can feature low tertiary graduation rates (e.g. Austria, Germany, and Switzerland). It also considers the observation that many countries with high tertiary graduation rates show low levels of social equity, while many countries with low tertiary graduation rates show high levels of social equity. These observations are considered through the lenses of institutional perspectives, and specifically welfare and production regime theories. The analysis elaborates on educational attainment, patterns and key aspects of economic functioning and development, and educational attainment patterns and their relationship to social inequality. (Contains 2 notes, 1 table, and 2 figures.)