Social Capital | Special Role to Develop A Country

Social capital means a set of shared values, norms, and understandings among groups or individuals in a society. It defines the value of social relationships and networks. It represents the advantages of sociability, making social exchange possible. It’s important for our society, economy, and institutions.

Social capital builds through shared understanding, cooperation, and reciprocity. It explains the performance of different groups, growth of entrepreneurship, and enhancement of supply chain relations.

In 1916, L.J. Hanifan used the term, referring to fellowship, mutual sympathy, and social intercourse among individuals or groups. The term has various definitions and uses. The advantages that come from it are associated with social networks.

Social Capital | Special Role to Develop A Country

Capital has three forms, and they are economic capital, cultural capital, and social capital. And there are three types of it. Such as bonding this, bridging it, and linking this. There is no way to measure it. So how can this be called ‘capital’ if there is no particular way to measure it? Usually one can sense the measurement or amount of this present in reciprocity.

There are four social capital motives measured by Robison and colleagues. They used resource allocation data collected in hypothetical surveys and non-hypothetical experiments. Validation by acting consistently with the values of one’s ideal self, validation by others by winning their approval, and our sympathy for another person are among the motives of it.

The importance of it is that it works as a remedy for today’s social problems. It leads to a stronger civil society. It provides resources and networks that facilitate political engagement. There are effective impacts of it on health. A network or community can help achieve health goals. 

For example, a sick person can get information and can receive money or moral support. Through this, minor ethnic groups can avail themselves of better health outcomes. A lack of this can deteriorate health. 

Social capital is enhanced by the use of the internet. The more time people spend online, the more they have contacts with people. Because the rapid growth of social networking sites can create bonds and bridge this. Thus, the internet has an impact on an individual’s identity. Social capital has also played a role in education.

Inversely negative social capital can deteriorate things. For example, there can be violence and criminal gang activity. Bonded groups can be isolated from society for the lack of bridging. Bonding and bridging social capital should work together for usefulness. Otherwise, they can probably work against each other if not in balance.