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How novel is social capital: Three cases from the British history that reflect social capital

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  • Akcomak, Semih

    (UNU-MERIT, Maastricht University, and CPB (Netherlands Bureau for Economic Policy Analysis))

  • Stoneman, Paul

    (Department of Sociology, University of Essex)

Abstract

Social 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.

Suggested Citation

  • Akcomak, Semih & Stoneman, Paul, 2010. "How novel is social capital: Three cases from the British history that reflect social capital," MERIT Working Papers 2010-015, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    • Handle: RePEc:unm:unumer:2010015
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    More about this item

    Keywords

    Social capital; British History; Voluntary associations;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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