Social Capital: the politico-emancipatory potential of a disputed concept

Since the middle of the 1990s the concept of social capital has provoked rapidly growing interest. Social theorists, policy makers and those ngos working on the edge of theory and practice became fascinated with social capital. International organisations like the World Bank, undp and the oecd upgraded social capital to the 'missing link' in understanding (under)development. However, it did not take long before the critique cast shadows on this euphoria. Initially the critique was concerned with problems of defining and measuring social capital and its inadequate theoretical elaboration. In a later stage the critique accused social capital of forming part of the anti-politics machine of the post-Washington consensus. Social capital would reflect a point of view in which there was no room for an analysis of power inequality and struggle over access to resources. This article starts with an overview of the most important problems attached to the notion of social capital. The focus is then shifted to the contours of the global political crisis, which acts as a frame of reference for an attempt to reassess the politico-emancipatory potential of social capital.