GLOBALIZATION, SOCIAL ISSUES AND PUBLIC POLICYNameInstitutionDateGlobalization, social issues and public policyThe concept of social capitalSocial capital is an expansive concept that entails facets like trust, reciprocatory, social networks, and civic and community engagement. Coleman (1988) defines social capital as anything that enhances collective or individual action, generated through networks of trust, social norms, relationships and reciprocity. Social capital is described by its functions. Social capital isn’t a sole entity but a wide range of diverse entities, with two major elements; these entities comprise of numerous elements of social structures and they enhance particular actions of actors whether corporate actors or persons within these structures.
Similar to other types of capital, social capital is useful and it facilitates achievement of particular ends that won’t be possible to achieve in its absence. Similar to human capital and physical capital social capital isn’t entirely fungible but might be precise to particular activities. A particular type of social capital that is helpful in enhancing particular actions might be harmful or useless to some people. Social capital occurs as a result of shifts in relations amongst people that enhance action (Coleman, 1988).
According to World Bank, (1999), social capital is the relationships, norms and institutions that shape the quantity and quality of the social interactions of a society. Social capital isn’t merely a sum of institutions that support a community, but it is a goal that joins them together. Increasing proof demonstrate that social solidity is vital for the economic prosperity and sustainable developments of societies. A narrow outlook of social capital regards is as a collection of horizontal associations amid people, comprising of associated norms and social networks that have an influence on the well being and productivity of a community.
A broader view of social capital considers both the negative and positive aspects through including both horizontal and vertical associations amid individuals, and entails behavior among and within organizations, like firms. The broader view identifies that horizontal ties are required to offer societies a sense of common purpose and identity and also emphasizes that without linking ties that surpass several social divides such as ethnicity, socio-economic status and religion, horizontal ties may be used as a basis for search of narrow interests and can also be may dynamically prevent access to material resources and information that would otherwise greatly assisted the community such as tips on job vacancies and access to credit.
The widest and highly encompassing outlook of social capital entails the political and social environment that forms social structure and facilitates development of norms. This scrutiny extends the significance of social capital to most formalized structures and institutional relationships, such as political regime, government, court system, rule of law and political and civil liberties.
This view accounts for vices and virtues of social capital as well as the significance forming ties across and within communities and also identifies that the capability of several social groups to operate in their interest depends vitally upon the support that they get from the private sector and the state. Likewise, the state depends upon extensive popular support and social stability. This means that social and economic development succeeds when agents of the civil society, corporate sector and state develop forums in and via which they are able to identify and pursue universal goals (World Bank, 1999).