Background[ edit ] The term social capital was in intermittent use from aboutbefore becoming widely used in the late s.
Benefits and Importance of Social Capital Benefits and Importance of Social Capital The importance of social capital theory is apparent from the literature with many empirical studies that purport to show the importance of social capital to a very wide-ranging set of socioeconomic phenomena Durlauf a  ; Krishna .
Adam and Roncevicp. The widespread interest in and application of the concept could suggest the theoretical importance of social capital theory. Existing studies have provided ample evidence of its pervasiveness and offered useful impressions of its political, economic and social influence Fine  ; Jack and Jordan  ; Montgomery .
Aldridge, Halpern et al  cautioned that some of the empirical evidence on the importance of social capital for economic and social outcomes needs to be treated with caution because of the mis-specification or ambiguity of equations or models used to estimate its impact.
Without a rigorous method for measurement it is unclear how the benefits are ascertained and tested. It is surprising that there is little skepticism in the literature over the validity of the purported benefits of social capital given the uncertainty of measurement techniques identified above.
This is due to two factors: The majority of benefits described in the literature have not been empirically tested at all but arise through theoretical extrapolation based on other concepts. Requena suggested that the importance of social capital lies in that it brings together several important sociological concepts such as social support, integration and social cohesion.
This view is supported by Rothstein  who stated that the real strength of social capital theory is the combination of macro-sociological historical structures with micro-level causal mechanisms, a rare feature in the social sciences. The literature recognizes social capital as important to the efficient functioning of modern economies, and stable liberal democracy Fukuyama  ; Kenworthy as an important base for cooperation across sector and power differences, and an important product of such cooperation Brown and Ashman and Lyon  described the importance of social capital in shaping regional development patterns.
It is clear that social capital is of importance in societal wellbeing. Some aspects of the concept, such as inter-personal trust, are clearly desirable in themselves while other aspects are more instrumental Bankston and Zhou .
Optimism, satisfaction with life, perceptions of government institutions and political involvement all stem from the fundamental dimensions of social capital Narayan and Cassidy Social capital is charged with a range of potential beneficial effects including: Social capital is an important variable in educational attainment Aldridge et al.
Economic and business performance at both the national and sub-national level is also affected by social capital Aldridge et al.Social capital has been defined in different ways over the years; James Coleman developed the concept as: "The types of relations that exist between individuals as located within both families and communities, and that are said to exert a strong influence on levels of educational achievement.".
Discuss the concept of cultural capital Pierre Bourdieu developed the concept of cultural capital in order to attempt to explain the differences in educational outcomes in France during the ’s.
Social capital development on the internet via social networking websites such as Facebook or Myspace tends to be bridging capital according to one study, though "virtual" social capital is a .
Social capital, the most controversial and the hardest to measure, consists of a stock of trust, mutual understanding, shared values and socially held knowledge. SOCIAL CAPITAL AND INSIGHTS INTO WELL BEING continued our understanding of how individuals in a community can work cooperatively to achieve shared goals and to deal with difficulties.
The paper sets out to compare Robert D. Putnam's concept of social capital with that of Pierre Bourdieu's. Putnam's concept of social capital has three components.