The paper "Understanding of the Concept Social Capital" is a great example of management coursework. The social network according to Woolcock (1998,) can be defined as encompassing the norms of networks facilitating collective action of mutual benefit. When it comes to social capital it is more about who you know and not what you know as a person. The ability to create beneficial networks is very important for individuals and communities at large. Networks help people gain access to important information that they wouldn’ t have come across on their own.
We also get ideas, influences, and resources that can enable us to reach our objectives and goals as individuals and communities. Woolwock and Narayan (2000) note that when things are tough on us economically, we turn to our friends and neighbors. When we want to have quality time and feel rewarded we achieve it by talking with friends, sharing meals, and engaging in community development projects together. This is what social capital is all about; building networks that are mutually beneficial. Portes (1998,) further reiterates that whereas economic capital is in banks and human capital in the heads, social capital is in the structures of the relationships that people keep. Social capital can then be defined as a product of the social interaction processes that people engage in.
a clear distinction between social interaction processes and the social capital may be the starting point of understanding the concept of social capital as a product. Social capital can only exist if it produced from a defined process. Kilpatrick (2000) contends that social capital is the accumulation of the knowledge and the identity resources drawn on by communities of common purpose.
In light of this understanding, it is clear that social capital is built through networks within communities of common purpose (Woolcock, 1998). These social capital networks are: Bonding networks Bridging networks Linking networks Bonding networks These are closely knit networks that help people get along watch others smoothly. These are the type of connections kept with family, friends, and close neighbors. Bonding networks are strong and effective when communities of people with common backgrounds develop trust in each other through personal experiences of each other and frequent interaction.
They are also stronger when people with common social background interact frequently with each other. These strong bonds help people out of a problem whenever they are caught in one. The bonds may also be very strong to result in gangs and elitist clubs that can cause harm to people who don’ t belong to the group (Woolcock, 1998).
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