Social capital

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Social capital is "the networks of relationships among people who live and work in a particular society, enabling that society to function effectively".^[1] It involves the effective functioning of social groups through interpersonal relationships, a shared sense of identity, a shared understanding, shared norms, shared values, trust, cooperation, and reciprocity. Some have described it as a form of capital that produces public goods for a common purpose, although this does not align with how it has been measured. Social capital is classified into bridging and bonding. Bridging social capital refers to the weak ties individuals form in heterogeneous limited interactions that is more likely to provide valuable new information. Bonding social capital refers to strong ties where the intimate relations people feel close to and trust.^[2]

Social capital has been used to explain the improved performance of diverse groups, the growth of entrepreneurial firms, superior managerial performance, enhanced supply chain relations, the value derived from strategic alliances, and the evolution of communities. ^{[citation needed]}