SOCIAL CAPITAL AS A DRIVER OF CHANGE MANAGEMENT FOR ENSURING INCLUSIVE ECONOMIC DEVELOPMENT: A THEORETICAL-METHODOLOGICAL AND MACROECONOMIC ANALYSIS
Abstract
The article is devoted to the study of the theoretical and methodological foundations of the development of social capital as a driver of change to ensure inclusive economic development, quality of life, and macroeconomic stability. The research applies institutional-evolutionary, behavioral, comparative, and logical-historical methodological approaches, as well as structural-functional and macroeconomic analysis. It was found that the concept of social capital is relatively new, with its foundations established in the 1970s–1990s. The author proposes a definition of social capital as an institution constituted by informal sub-institutions (shared values, embedded social norms, and trust) and formal sub-institutions (network ties and patterns of social structure), which determine the nature and models of economic interaction through changes in market structures, mechanisms of consolidation and resource allocation, transaction costs, etc. The integrated application of Veblen–Ayres dichotomy, the concept of dynamic economic development and Schumpeter’s “creative destruction,” as well as Rogers’ diffusion of innovations, made it possible to conclude that social capital is an institution creating both opportunities and barriers for economic activity and capable of generating new institutions (including economic ones). This provides grounds to consider social capital as a meta-institution setting framework conditions for the emergence, development, and transformation of other institutions, shaping behavioral models of economic actors, and influencing change management, quality of life, inclusive economic development, and macroeconomic stability. The typology of social capital has been improved by distinguishing between horizontal and vertical social capital, each of which may be closed or open. Its role in managing socio-economic changes, ensuring quality of life, and improving public governance is characterized. Tools for evaluation and indicators of the impact of social capital on economic development are systematized.
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