Relevance of Culture in Contemporary Public Policy Implications with Special Reference to Social Capital
Keywords:: Social capitalism, Network capitalism, Chinese capitalism, Guanxi
The concept of ‘social capital’is gaining momentum all over the world. Putnam popularized
the idea. He considers social capital as networks and norms of reciprocity, and
trustworthiness that arise from them. Therefore, its usage is growing day by day in the
domains of social scientists, policy makers, intellectuals, think-tanks, pandits and analysts.
This paper attempts to explore the types, trends and roles of social capital in enhancing
economic growth, democratic values, social cohesion as well as social development. It is
based on secondary sources of literature and data. It tries to show the theoretical and
analytical relationship between social capital and economic growth. It also cites some
examples of utilizing social capital towards sustainable development based on the research
of Putnam. Finally, this paper attempts to put some policy implications in reinforcing social
development. Policy analysts suggest that social capital has a potential role in enhancing
economic growth and ensuring sustainable development.