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Social capital is defined as a collective asset in the form of shared norms, trust, networks, social relations, and institution that facilitate cooperation and collective action for mutual benefits. The social capital theory advocated by Robert Putnam and others revealed that, network of civic engagement, like the neighbourhood associations, choral societies, co-operative sports clubs, and mass- based parties represent horizontal interaction and these network of civic engagement are an essential form of social capital, which foster robust norms of reciprocity, social trust and cooperation. Social capital is an instantiated informal norm that promotes co-operation between individuals. In the economic sphere it reduces transaction costs and in the political sphere it promotes the kind of associational life which is necessary for the success of limited government and modern democracy. An abundant stock of social capital produces a dense civil society, which in turn has been almost universally seen as a necessary condition for modern liberal democracy. Joining and participating in such voluntary organizations is essential for constructing social capital and training individuals with the skills and values of citizenship helps to make the rulers accountable to the common people and contribute their well-being. The paper is an attempt to highlight the significance of social capital in the present day democratic society
Keywords:
Social Capital, Democracy and Development
Cite Article:
"Significance of Building of Social Capital: A Theoretical Analysis", International Journal of Science & Engineering Development Research (www.ijrti.org), ISSN:2455-2631, Vol.7, Issue 5, page no.258 - 261, May-2022, Available :http://www.ijrti.org/papers/IJRTI2205043.pdf
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000205107
ISSN:
2456-3315 | IMPACT FACTOR: 8.14 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.14 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator