SOCIAL CAPITAL is a form of economic and cultural capital in which social networks are central, transactions are marked by reciprocity, trust, and cooperation, and market agents produce goods and services not mainly for themselves, but for a common good.
The term generally refers to (a) resources, and the value of these resources, both tangible (public spaces, private property) and intangible ("actors", "human capital", people), (b) the relationships among these resources, and (c) the impact that these relationships have on the resources involved in each relationship, and on larger groups. It is generally seen as a form of capital that produces public goods for a common good.
Social capital has been used to explain the improved performance of diverse groups, the growth of entrepreneurial firms, superior managerial performance, enhanced supply chain relations, the value derived from strategic alliances, and the evolution of communities.
During the 1990s and 2000s the concept has become increasingly popular in a wide range of social science disciplines and also in politics.
SOCIAL CAPITAL MOTIVES
Robison and colleagues measured the relative importance of selfishness and four social capital motives using resource allocation data collected in hypothetical surveys and non-hypothetical experiments. The selfishness motive assumes that an agent's allocation of a scarce resource is independent of his relationships with others. This motive is sometimes referred to as the selfishness of preference assumption in neoclassical economics. Social capital motives assume that agents’ allocation of a scarce resource may be influenced by their social capital or sympathetic relationships with others which may produce socio-emotional goods that satisfy socio-emotional needs for validation and belonging.
· The first social capital motive seeks for validation by acting consistently with the values of one’s ideal self.
· The second social capital motive seeks to be validated by others by winning their approval.
· The third social capital motive seeks to belong. Recognizing that one may not be able to influence the sympathy of others, persons seeking to belong may act to increase their own sympathy for others and the organizations or institutions they represent.
· The fourth social capital motive recognizes that our sympathy or social capital for another person will motivate us to act in their interest. In doing so we satisfy our own needs for validation and belonging. Empirical results reject the hypothesis often implied in economics that we are 95% selfish.
EFFECTS OF THE INTERNET
Similar to watching the news and keeping abreast of current events, the use of the Internet can relate to an individual's level of social capital. In one study, informational uses of the Internet correlated positively with an individual's production of social capital, and social-recreational uses were negatively correlated (higher levels of these uses correlated with lower levels of social capital). An example supporting the former argument is the contribution of Peter Maranci's blog (Charlie on the Commuter Line) to address the train problems in Massachusetts. He created it after an incident where a lady passed out during a train ride due to the congestion in the train and help was delayed because of the congestion in the train and the inefficiency of the train conductor. His blog exposed the poor conditions of train stations, overcrowding train rides and inefficiency of the train conductor which eventually influenced changes within the transit system. Another perspective holds that the rapid growth of social networking sites such as Facebook and Myspace suggests that individuals are creating a virtual-network consisting of both bonding and bridging social capital. Unlike face to face interaction, people can instantly connect with others in a targeted fashion by placing specific parameters with internet use. This means that individuals can selectively connect with others based on ascertained interests, and backgrounds. Facebook is currently the most popular social networking site and touts many advantages to its users including serving as a social lubricant for individuals who otherwise have difficulties forming and maintaining both strong and weak ties with others.
BY FUMBUKA SEIF S
42554 BAPRM 3
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