The U.S. needs to overhaul its education system and adopt a national curriculum, with states giving up some control, in order to give every student a chance at success, according to the latest BBVA Compass research.

The research comes at a crucial time, as the achievement goals of former President George W. Bush's ambitious but oft-criticized No Child Left Behind legislation went largely unmet over the course of the past 10 years. That law required states to establish a testing system by which the performance of public school students could be measured, but it refrained from establishing a national curriculum.

"A national curriculum will ensure that all students across the country are getting the same basic knowledge and are measured on the same standards, with the same access to high-quality content," BBVA Compass economists Kim Fraser and Marcial Nava wrote in their report about the challenges of public education. "In order to get the best out of a high-quality national curriculum, society needs to give public education the place it deserves on the list of national priorities."

Education is an important step toward a productive economy and a driver of social mobility, the economists wrote in their wide-ranging report. They detailed the government's past efforts at reforms and recommended future changes that should ensure disadvantaged students can achieve the same success as those who are from wealthier households and attend private schools.

"With a more advanced public education system, there should be a reduced need for private schools, ultimately creating a more level playing field for students across the country," the economists wrote.