What is social capital

Social capital is generally referred to as the set of trust, institutions, social norms, social networks, and organizations that shape the interactions of actors within a society and are an asset for the individual and collective production of well-being.

At the macro level, social capital can affect the economic performance and the processes of economic growth and development. These webpages contain useful resources for researchers, teachers, students, and practitioners interested in social interactions and social capital, in their role in the well-being of communities, and in their relationship with human, social and economic development...

Abstract

        The literature on the idea of 'social capital' is now enormous. Offering an alternative to impersonal markets and coercive states, the communitarian institutions built around social capital have looked attractive to scholars in the humanities and social sciences. The literature in consequence has a warm glow to it. In this article, I first study the various contexts in which the promises people make to one another are credible and then suggest that the accumulation of social capital is a possible route to creating such a context. I offer a tight definition of social capital - namely, interpersonal networks - so as not to prejudge its ability to enhance human well-being. The links between the microfoundations of social capital and the macroeconomic performance of economies are then studied. I also show that economic theory not only identifies circumstances in which communitarian institutions can function well, but that it also uncovers a dark side, namely, their capicity to permit one group to exploit another within long-term relationships. Copyright 2005 The Economic Society Of Australia.

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