Your Child, Your Schools, Our Future: Building a 21st Century Schools System, includes new pupil and parent guarantees, details of the school report card accountability system and a professional development entitlement for every teacher.
Schools will also be given greater power to tailor their own improvement activities and governing bodies will have more clout to hold schools to account.
Ed Balls said the white paper would ensure "every young person gets the qualifications they need" and that "every child can succeed whatever barriers they face".
The white paper also places a strong focus on collaboration between schools.
Successful schools will have the chance to run accredited school groups, which will be chains of schools run by a single outstanding education provider.
Schools will be able to pool their budgets, so they can provide better extended services, joint facilities and co-located services in a bid to improve the lives of children in their local area.
New legislation is also planned, which will require children's trusts to intervene early when children have health, social or educational needs.
Mick Brookes, general secretary of the National Association of Head Teachers, described the white paper as a "mixed blessing".
He claimed the devolution of power to schools was welcome, but long overdue, and warned that accredited school groups must not advocate a "cartel" approach to education.
He also raised concerns about the professional development entitlement for teachers.
"It is vital that any revalidation process does not become overly bureaucratic and an undue burden on head teachers faced with administering it," he said.
Barbara Hearn, deputy chief executive of the National Children's Bureau, warned that more work needs to be done to discredit the view that raising standards and developing pupil wellbeing are mutually exclusive.
She said: "While the white paper links learning and teaching with the wellbeing of the child through personal, social and health education, what parents and young people also want from schooling is for young people to be well prepared for employment. For example, a narrow focus on university entry will only benefit a relatively small group of children and meet the needs of some employers."
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