(Useful Article) Social Capital and Rural Development by VVR IAS

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Sep 12, 2012, 5:45:40 AM9/12/12

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Social Capital and Rural Development

Definition

The term social capital refers to the various norms, values and cultural aspects which govern the people living in a society and the institutions they are attached with. It is a kind of bonding that holds the societies and communities together and without which there can be no economic growth as per the desired expectations.

Social Capital is considered as one of the most important capital available to the community for achieving developmental goals. Thus if the society successfully builds up its social capital, then it can utilize other forms of capital such as human capital, financial capital and environmental capital in an efficient way, thus mobilizing the overall pace of the economic development.

Factors Contributing in the Formation of Social Capital

a) Family: Being the basic unit of any community, family plays an important role as the source of economic and social well being of its members. Thus, it is said to be the first building block in the formation of social capital for the larger society.