The Parabola of Social Capital: Requiem for a Theory?

• In Event: 366 - Open Refereed Roundtable Session II
  In Refereed Roundtable: B. Table 03. Political Sociology I

Abstract

We claim that social capital theory and social capital discourse can be understood in relation to neoliberalism through the metaphor of a parabola. Social capital theory ascended in importance while was organic to integrate some social concern within neoliberalism. It is, instead, descending in relevance, since the economic crisis has unveiled the contradiction originally ‘hidden’ by Coleman and Putnam’s conceptualisations. At the theoretical level, Putnam smoothed the contradiction between individualism, the cornerstone of neoliberal theory, and the importance of secondary groups, the core of social capital discourse, providing an appealing narrative for the major British political parties. However, during the economic crisis, it becomes more evident that in order to strengthen secondary groups and social engagement one does need increasing solidarity and equality. Solidarity and equality are at odds with the idea of competition, individualism and market efficiency posited by neoliberalism. There is a tension between the individualisation of social risks pursued by political parties in Britain and the creation of communitarian solidarity. If ‘theory is always for someone and for some purpose’ (Cox 1981: 128), while social capital discourse descending phase of the parabola has begun with the demise of the big society idea, social capital theory descending phase should follow.

Authors

• Emanuele Ferragina, Sciences Po Paris

• Alessandro Arrigoni, Oxford University