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Economic Progress, Social Regress?

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  • AMY FARMER
  • RAJA KALI
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    Abstract

    A central issue in the debate regarding the relevance of social capital is whether the decline in social embeddedness that has attended modernization over the last 40 years in the United States is as harmful as Putnam, among others, claim it to be. Critics of Putnam's thesis argue that various arms-length institutions fulfil the roles performed by social capital thereby mitigating the negative impact of its recent decline. We develop a framework that provides insight into when such institutions may be adequate and when they might not. We find that if market (economic) and non-market (social) interactions differ in their payoffs but are interlinked through the modernization of the economy, the optimal level of modernization in market interactions will be higher than that in non-market interactions. Further, market supporting institutions are likely to increase the divergence between economic and social interactions since analogs for market institutions that constrain opportunistic behavior are usually nonexistent in social contexts. In this sense, economic progress may be accompanied by social regress. Copyright 2007 Blackwell Publishing, Inc..

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9779.2007.00317.x
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    Bibliographic Info

    Article provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.

    Volume (Year): 9 (2007)
    Issue (Month): 3 (06)
    Pages: 501-519

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    Handle: RePEc:bla:jpbect:v:9:y:2007:i:3:p:501-519

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    Cited by:
    1. Ines Lindner & Holger Strulik, 2012. "From Tradition to Modernity: Economic Growth in a Small World," Tinbergen Institute Discussion Papers 12-035/1, Tinbergen Institute.
    2. Ines Lindner & Holger Strulik, 2012. "From Tradition to Modernity: Economic Growth in a Small World," Tinbergen Institute Discussion Papers 12-035/1, Tinbergen Institute.

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