Final answer:
The statement is true; there's a notable correlation between education and economic development, yet the modernization theory has not conclusively proven a causal link between economic growth and democratic institutions. Socioeconomic status can influence educational opportunities, highlighting additional factors that impact education beyond economic level.
Step-by-step explanation:
The statement that the extent of schooling in a society is closely tied to its level of economic development is true. There is a substantial correlation between education and economic development. Economically developed societies generally have higher levels of education spending and attainment. This trend is often due to the recognition of the importance of education for personal and societal growth which drives investment in education systems.
Modernization theory suggests that as countries develop economically, they will transition towards more democratic institutions. However, the theory has not clearly established a causal link between economic growth and democratic institutions, as there are exceptions and complex factors at play.
In the context of the student's educational fulfillment and social class, it is evident that socioeconomic status significantly affects access to education opportunities, despite inherent academic abilities or aspirations. This underscores the complexities involved in the relationship between education and economic growth.