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Decline in Social Capital Undermines Our Trust in Government

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  ​ 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: ​ 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%. ​ Social Mobility : Social connections can open up o...