Decline in Social Capital Undermines Our Trust in Government

 


​In his article "Counting the Cost of Bowling Alone," Andy Haldane discusses how the weakening of social connections, known as "social capital," affects our lives. ​

Social capital refers to the trust and relationships among people in a community. Haldane notes that over the past 50 years, this social fabric has weakened, leading to more isolation and less community involvement. This trend was first highlighted by Robert Putnam in his book "Bowling Alone," where he observed that activities like bowling leagues, which once brought people together, have declined. ​

The decline in social capital has significant consequences:​

  1. Economic Growth: Communities with strong social bonds tend to have better economic performance. Trust among people makes business transactions smoother and reduces costs. Haldane points out that a 10% increase in trust can boost a country's economic output by over 1%. ​

  2. Social Mobility: Social connections can open up opportunities for individuals. Harvard economist Raj Chetty's research shows that children from low-income families are more likely to succeed if they have social networks similar to those of wealthier children. This suggests that who you know can significantly impact your chances in life. ​

  3. Health and Well-being: Strong social ties are linked to better physical and mental health. People with robust social networks often live longer and experience less stress. Conversely, loneliness can harm health, comparable to smoking 15 cigarettes a day. 

Haldane emphasizes that the decline in social capital also undermines trust in government and institutions, making it harder to address societal challenges. To counter this trend, he suggests investing in "social infrastructure," such as community centers, parks, and local organizations that foster connections among people. By strengthening these community bonds, we can improve economic performance, enhance social mobility, and boost overall well-being. ​

In summary, rebuilding our social networks is crucial for creating stronger, healthier, and more prosperous communities.

Written by David L. Burton

MORE INFORMATION

Take the Engaged Neighbor pledge and become part of a movement! The pledge outlines five categories and 20 principles to guide you toward becoming an engaged neighbor. Sign the pledge at https://nomoregoodneighbors.com. Individuals who take the pledge do get special invitations to future events online and in person. Contact the blog author, David L. Burton via email at dburton541@yahoo.com or visit his website at http://engagedneighbor.com.

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