Question

Define social capital and explain its importance in modern society?

Answer 1

Social capital is important because it provides the productive benefits of sociability. The value of social capital can not be understated, as it affects the advantage of living in a society rather than as a hermit. Social capital has been described as both a glue and a lubricant – a glue that keeps communities together without which collaboration and cooperation would not be possible; and a lubricant that makes it easier to do stuff.

Without social capital, citizens will not be able to work together. This is because social capital is the common beliefs, norms, trust and belonging that make social exchange possible.

The concept of social capital determines its meaning. The value of social capital has been studied in relation to regional growth, educational achievement, public health, economic and business performance, job advancement, creativity and organizational efficiency. Those are only a couple of the advantages of social capital.

Social capital is the activity of establishing and sustaining relationships that form social networks that are willing to support each other. These networks function better when they are diverse, so leaders need to find people capable of supporting their cause who may not necessarily meet or communicate with them on a regular basis.

Creating relationships that increase social capital takes time and looks at relationships as a network rather than individual ties. Meeting in an informal environment will help to improve trust and understanding. The level of trust, the pace of cooperative changes, group cohesion and social support are all factors that make community relations viable.