In Japan, some companies (especially in banking) hire people to work as generalists. They tend to rotate through a variety of roles as their career progresses. I don't think it is the most efficient allocation of resources, but it does make for employees who have a wider view of the business, and more importantly a network and contacts across a variety of fields.
Like most people commenting here, I have a very specialized technical education (Comp Sci major), but I actually wonder if my education could have been a little broader. I learnt most of what I know at work anyway!!
Students who go to college and get a liberal-arts education often don't retain their major-specific knowledge once they move into the job market and into a role that has nothing to do with what they studied. What they are supposed to retain though, is learning- and critical-thinking skills that make them better at various jobs than someone who did not go to college at all. And that same learning- and critical-thinking ability is something technical majors also develop quite well - hence I don't see a liberal arts education as having a monopoly on developing 'generalists' or really providing any advantage in that regard.
Naturally this is also a problem of efficient allocation. I think there is value in the knowledge produced by every field - however we require different levels of supply for different skills/knowledge - and I would further argue that this variation in demand for skills has always existed throughout human history. Since society is both funding education and creating this demand, it makes sense to me that we meet that demand partly by creating the correct supply of variously-educated citizens.