Definitions
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Social capital
All definitions
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Social capital can be defined as a social-structural resource that exists as a non-fungible capital asset for the individual. Coleman (1990, p. 302) writes that social capital functions by facilitating actions within a social structure, "making possible the achievement of certain ends that would not be attainable in its absence." ("Fungible" means that, although an expectation of mutual exchange exists, an agreed-upon currency allowing unit-for-unit exchange does not).
Evolution of the concept Social capital, as it is conveyed within the organizational sciences, is actually rooted in traditional economic theory – more specifically, in the concept of human capital. Loury (1977) is credited by Coleman (1990) as introducing the term "social capital." Loury (1977) explains that "human capital" describes the value that an individual has to the marketplace based on her/his education and work experience. The concept has been applied (within economic theory) to examine income differentials among individuals as well as labor markets and racial economic inequality. Loury's introduction of "social" capital fits within his broader economic theory. Loury's "social capital," as paraphrased by Coleman (1990, p. 300) is "the set of resources that inhere in family relations and in community social organization and that are useful for the cognitive or social development of a child or young person." More relevant for consideration of how social capital relates to individuals' careers, Burt (1992) considers social capital to refer to individuals' relationships in the competitive arena with "other players." Seibert et al., (2001, p. 220) paraphrase Coleman, writing that social capital "is created when the relations among people change in ways that facilitate instrumental action." Related terms References Coleman, J. (1990). Foundations of Social Theory. Cambridge, Mass.: Harvard University Press. Loury, G. 1977. A dynamic theory of racial income difference. In Wallace, P.A., and Le Hund, A. (eds.) Women, minorities, and employment discrimination, Lexington, Mass.: Lexington Books. Read a practice exam essay in response to the question:
"What are the key features of a relationship approach to career development? How might social and developmental networks benefit individuals in managing their careers?" Exam essay practice answer |
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