True, but then arguably education (and especially several years of heavily-subsidised tertiary education) is part of the safety net, and the safety net certainly contributes towards choice to pursue that education rather than accepting the first shitty informal sector opportunity that enables them to support themselves.
Obviously there are plenty of other social and economic differences between Peru and France, but the fact that even Peru's relatively small number of highly-educated people is still highly likely to be underemployed doesn't exactly speak wonders for the potential of all these entrepreneurially-minded Peruvians to actually create jobs.
Peru does have public education too so I don't think that's the issue. It's just that people are less educated in general so schools are not that good. South Korea has half of its schools private and they're doing great so I don't think you even need public schooling to be doing great as a country.
Obviously there are plenty of other social and economic differences between Peru and France, but the fact that even Peru's relatively small number of highly-educated people is still highly likely to be underemployed doesn't exactly speak wonders for the potential of all these entrepreneurially-minded Peruvians to actually create jobs.