Social Capital and Civil Society, Issues 2000-2074
Social capital is an instantiated informal norm that promotes cooperation between individuals. In the economic sphere it reduces transaction costs, and in the political sphere it promotes the kind of associational life that is necessary for the success of limited government and modern democracy. Although social capital often arises from iterated Prisoner’s Dilemma games, it also is a byproduct of religion, tradition, shared historical experience, and other types of cultural norms. Thus whereas awareness of social capital is often critical for understanding development, it is difficult to generate through public policy.
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achieve cooperative ends achieve coordinated action American bureaucrats civic engagement civil associations civil society collective action constitute social capital cooperative norms corruption economic example firm's forms of capital forms of social foster Fukuyama given society globalization group's social capital human capital informal norms instantiated institutions intangible assets interaction internal cohesiveness iterated Prisoner's Dilemma Japan's Ku Klux Klan labor large number larger society Latin America lead liberal democracy Mafia Max Weber measure of social measuring social capital modern democracy modern society narrow radius negative externalities NGOs pervaded by externalities positive externality premium being offered presumably Prisoner's Dilemma game property rights Protestantism Puritanism radius of trust rational religion religious rent-seeking rn values rp coefficient sect that encourages shared norms simply social networks society's total stock sources of social stock of social survey data Tocqueville transaction costs trust and civic United virtues like honesty voluntary association World Values Survey