UNU-MERIT Working Papers Series
How novel is social capital: Three cases from the British history that reflect social capital
Semih Akçomak & P. Stoneman #2010-015Social capital increases efficiency by reducing transaction costs,
creating new forms of information exchange and by inducing change in
individual attitudes. How Royal Society of London, the Media and the
Private Prosecution Societies functioned in the 17th and 18th century
Britain display astonishing similarities with these three elements that
have been identified by contemporary scholars. By and large current
literature treats social capital as novel phenomenon, as “manna from
heaven”. We argue that social capital is no such magical discovery and
it could emerge whenever and wherever social networks exist.
UNU-MERIT Working Papers
ISSN 1871-9872
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