Social Capital
Definition
Social capital is a term in social science that refers to the collective value of all social networks and the inclinations that arise from these networks to do things for each other. In essence, social capital revolves around the concept of "who you know" rather than "what you know". It is the intangible resources of community, shared values and trust upon which we draw in daily life.
History
The concept of social capital has been in existence for several centuries, but it was only in the late 20th century that it began to gain widespread attention. The term was first used in its current sense by Lyda Judson Hanifan, a state supervisor of rural schools in West Virginia, in the early 20th century. Hanifan referred to social capital as those tangible assets that count for most in the daily lives of people.
Types of Social Capital
There are two main types of social capital: bonding and bridging. Bonding social capital refers to the value assigned to social relationships within a particular group or community, while bridging social capital refers to the value assigned to social relationships between diverse groups or communities.
Importance of Social Capital
Social capital plays a crucial role in many aspects of our lives. It has been linked to a variety of positive social outcomes, such as improved health, higher educational achievement, better employment outcomes, and reduced crime rates. Moreover, social capital is critical for the functioning of democratic societies.
Social Capital in the Digital Age
The advent of the internet and social media platforms has transformed the nature of social capital. Online social networks have become a significant source of social capital in the digital age. These platforms allow individuals to build and maintain social connections, share information, and collaborate on a scale that was not possible before.
Criticisms of the Concept of Social Capital
Despite its widespread use, the concept of social capital has been criticized on several grounds. Some argue that it is too broad and lacks a clear definition, while others contend that it is merely a repackaging of older concepts. Furthermore, there is debate over whether social capital can be accurately measured.