Cultural Theory of Development

Abstract

Though the concept of social capital has been with us for decades, its importance and relevance to societal development was recognized only recently. Today, social capital is viewed as an important factor of production, just like physical and human capital. Interest in culture and the role it plays in the development process led to the crystallization of the social capital concept; however, theorists promoting this concept tend to consider social capital a given aspect of culture. But social capital, unlike values, traditions, and attitudes, is something society creates and nurtures by conscious and unconscious actions; therefore, it is neither an aspect of culture nor a product of it only.