I do not know whether there is more of an emphasis on credentials in the US than anywhere else, but I do think that we do emphasize credentials too much.
I've been, in my opinion, on both sides of this. Before I started teaching high school, I had been teaching in college. But because we require credentials, I had to spend a year getting a teaching certificate that did very little to make me a better teacher. On the other hand, I got paid better than other first year teachers because I had a Ph.D., which did not necessarily make me a better teacher.
As far as the reason, I think it is functionalist. It gives decision-makers an easy way to identify who is (allegedly) competent. This lowers the costs of hiring people, which should help society as a whole.
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