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CiteWeb id: 19880000003

CiteWeb score: 34203

DOI: 10.1086/228943

In this paper, the concept of social capital is introduced and illustrated, its forms are described, the social structural conditions under which it arises are examined, and it is used in an analysis ol dropouts from high school. Use of the concept of social capital is part of a general theoretical strategy discussed in the paper: taking rational action as a starting point but rejecting the extreme individualistic premises that often accompany it. The conception of social capital as a resource for action is one way of introducing social structure into the rational action paradigm. Three forms of social capital are examined: obligations and expectations, information channels, and social norms. The role of closure in the social structure in facilitating the first and third of these forms of social capital is described. An analysis of the effect of the lack of social capital available to high school sophomores on dropping out of school before graduation is carried out. The effect of social capital within the family and in the community outside the family is examined. There are two broad intellectual streams in the description and explanation of social action. One, characteristic of the work of most sociologists, sees the actor as socialized and action as governed by social norms, rules, and obligations. The principal virtues of this intellectual stream lie in its ability to describe action in social context and to explain the way action is shaped, constrained, and redirected by the social context. The other intellectual stream, characteristic of the work of most economists, sees the actor as having goals independently arrived at, as acting independently, and as wholly self-interested. Its principal virtue lies in having a principle of action, that of maximizing utility. This principle of action, together with a single empirical generalization (declining marginal utility) has generated the extensive growth of neoclassical economic the

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