THE ECONOMIC TRANSFORMATION OF SOCIAL CAPITAL IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT
DOI:
https://doi.org/10.32782/2413-9971/2026-61-15Keywords:
economic sustainability, human capital, institutional capital, intellectual capital, social norms, innovationsAbstract
The article examines social capital as an integral factor in socio-economic development and a systemic element of modern economic systems. The purpose of the study is to generalize theoretical approaches to the conceptualization of social capital and to substantiate the mechanisms of its influence on the effectiveness of economic interaction, the quality of the institutional environment, and innovative activity. Social capital is a set of social norms, trust, network relationships, and institutional practices that form the conditions for coordinating the actions of economic entities and reducing transaction costs. The paper reveals the role of social capital in transforming the potential of the economy into economic outcomes by fostering the qualitative characteristics of human, institutional, and intellectual capital. It is substantiated that the social environment determines society's ability to use available resources effectively, ensures the coherence of economic decisions, and contributes to the spread of knowledge and innovation. A logical model of the influence of social capital on economic efficiency, competitiveness, and innovative development is proposed, reflecting its consistent impact on the formation of resource prerequisites, the outcomes of economic activity, and the long-term effects of economic system development. Modern approaches to the operationalization of social capital are summarized, particularly within the frameworks of international indices and socio-economic competitiveness, which enable it to be used as an analytical category for assessing the socio-economic stability of economies in conditions of transformative change. It is shown that social capital is not only a social resource but also an important economic factor that mediates the institutional environment's influence on financial outcomes. The scientific novelty of the study lies in the systematization of theoretical and applied approaches to the analysis of social capital and in substantiating its role as an environment for transforming human potential into economic outcomes and fostering innovative development. The practical significance of the results lies in their potential for shaping state policy for socio-economic development, improving mechanisms of social integration, increasing the efficiency of institutional interaction, and developing programs of economic recovery in conditions of crisis and post-crisis transformations. The main conclusions confirm that the accumulation of social capital contributes to increasing the economy's innovation, improving social cohesion, and promoting sustainable development.
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Hidalgo G., Monticelli J. M., Vargas Bortolaso I. (2021) Social capital as a driver of social entrepreneurship. Journal of Social Entrepreneurship. vol. 15, is. 1, pp. 1–24. DOI: https://doi.org/10.1080/19420676.2021.1951819
Crowley F., Barlow P. (2022) Entrepreneurship and social capital: a multi-level analysis. International Journal of Entrepreneurial Behavior & Research. vol. 28, no. 9. pp. 492–519. DOI: https://doi.org/10.1108/ijebr-10-2021-0868
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Lyu C., Peng C., Yang H., Li H., Gu X. (2022) Social capital and innovation performance of digital firms: serial mediation effect of cross-border knowledge search and absorptive capacity. Journal of Innovation & Knowledge. vol. 7, no. 2. pp. 383-401. DOI: https://doi.org/10.1016/j.jik.2022.100187
Pyo T., Tamrakar C., Lee J. Y., Choi Y. S. (2023) Is social capital always “capital”?: measuring and leveraging social capital in online user communities for in-group diffusion. Journal of Business Research. vol. 158. pp. 109-118. DOI: https://doi.org/10.1016/j.jbusres.2023.113690
Ancillai C., Bartoloni S., Filipovic J., Temperini V. (2025) The role of online communities in shaping the Society 5.0 paradigm: a social capital perspective. European Journal of Innovation Management. vol. 28, no. 5, pp. 1890-1915. DOI: https://doi.org/10.1108/ejim-02-2024-0168
Wulandhari N. B. I., Gölgeci I., Mishra N., Sivarajah U., Gupta S. (2022) Exploring the role of social capital mechanisms in cooperative resilience. Journal of Business Research. vol. 143. pp. 375–386. DOI: https://doi.org/10.1016/j.jbusres.2022.01.026
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Robison L. J., Schmid A. A., Siles M. E. (2002) Is social capital really capital? Review of Social Economy. vol. 60, no. 1. pp. 1–21. DOI: https://doi.org/10.1080/00346760110127074
Halpern D. (2005) Social capital. Cambridge: Polity.
Colclough G., Sitaraman B. (2005) Community and social capital: what is the difference? Sociological Inquiry. vol. 75, no. 4. pp. 474–496. DOI: https://doi.org/10.1111/j.1475-682X.2005.00133.x
Bhandari H., Yasunobu K. (2009) What is social capital? A comprehensive review of the concept. Asian Journal of Social Science. vol. 37, no. 3. pp. 480–510. DOI: https://doi.org/10.1163/156853109x436847
Bjørnskov C., Sønderskov K. M. (2012) Is social capital a good concept? Social Indicators Research. vol. 114, no. 3. pp. 1225–1242. DOI: https://doi.org/10.1007/s11205-012-0199-1
Kyiv School of Economics. Ukraine human capital chartbook: how human capital defines Ukraine’s development scenarios. 2025. Available at: https://kse.ua/ua/about-the-school/news/ukraine-human-capital-chartbook-yak-lyudskiy-kapital-viznachaye-stsenariyi-rozvitku-ukrayini
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United Nations Department of Economic and Social Affairs. World social report 2024: social development in times of converging crises: a call for global action. New York: United Nations. Available at: https://www.un.org/development/desa/dpad/wp-content/uploads/sites/45/DESA-World-Social-Report_2024_FINAL_WEB.pdf
Yevdokymova A., Kovalov B., Balahurovska I., Kubatko O. (2024) Ethical partnership between representatives of institutions in the implementation of sustainable development projects. Journal of Sustainability Research. vol. 6, no. 3. pp. 135-145. DOI: https://doi.org/10.20900/jsr20240052
Dyakonenko O. (2023) Social capital of the territorial communities of Ukraine in the conditions of war: current transformations and forecasted changes. Demography and Social Economy. no. 2. pp. 54–71. DOI: https://doi.org/10.15407/dse2023.02.054
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