Social capital, the social economy and community development

Social capital is increasingly used in the field of community development and the social economy. This article describes some of the results to emerge from a three-year research project (CONSCISE Project), which looked at the contribution social capital can make to the social economy within local economic development. Following the definition of social capital, the article examines how it can be assessed and then goes on to list the main findings on the significance of social capital in the understanding of the social economy and community development. It concludes with a number of policy implications on how social capital can be used within the context of community development. The term ‘social capital’ is becoming ubiquitous and there is hardly an article on the social economy and community development that does not use the term. But what is it? Can we measure it and, more importantly, is it useful to organizations and to individuals working in the social economy and in community development? In this article, I shall define social capital and show its importance in developing the social economy and the increasing role it plays in our understanding of community development.