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Role of social capital in enhancing development of social-economic systems

Role of social capital in enhancing development of social-economic systems

Journal of Institutional studies, , Vol. 5 (no. 3),
p. 81-101

The paper deals with the basic problem of developing countries in the context of formation an adequate institutional framework of social-economic reforms - low- quality social capital, the main approaches to the interpretation of category «social capital» are analyzed and the main its characteristics are outlined, its distinctive features from «political-administrative capital» are discussed. In the context of public trust formation to the social and economic reforms implemented on the state level, the basic society values on a scale of «traditional values - rational values» and «survival values - values of self-expression» are analyzed, the influence of religious and cultural factors on the strong performance of social capital in the Nordic countries and the relatively low level in countries with emerging markets (for example, Ukraine) are justified. The influence of «Olson's groups» and «Putnam’s groups» on economies with different levels of financial and economic development are discussed, low level of «Putnam’s groups» distribution in economies with emerging markets are analyzed, the list of traditional transaction costs with «disorder costs» and «cost of coercion and control» are supplemented that need to be taken into account in the model of institutional framework curve. The conclusions about the dual institutional effect on the dynamics of economic development were made.

Keywords: social capital; institutions; public sector; trust

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