Capitals Review

Natural capital

• the stock of natural resources and ecosystem services that underpin human wellbeing and economic development” (world bank)

• refers to the planets stocks of water, land, air, and renewable and non-renewable resources (such as plant and animal species, forests, and minerals)

• natural capital is finite

• natural capital is the base on which all other capitals are built

Cultural capital

• Culture is a complex whole which includes knowledge, belief, art, morals, law, custom, and any other capabilities and habits acquired by man as a member of society

• according to eagleton (2016) culture can mean:

  • a body of artistic and intellectual work

  • a process of spiritual and intellectual development

  • the values, customs, beliefs, and symbolic practices by which men and women live

  • a whole way of life

• culture consists of the intangible and the tangible

  • physical items oftentimes symbolize cultural ideas

  • they are often linked; you might wear a suit to a wedding due to cultural norms about formality, etc.

Human capital

• the skills, knowledge, experience, and attributes possessed by individuals that contribute to their economic productivity and overall well being

• the value of a person's abilities in the workforce

• unlike built capital, human capital is embodied within the person

• human capital includes,

  • education, formal schooling, certifications

  • skills and training: specialized skills gained through work experience, apprenticeships, and informal learning

  • health and well-being: good health allows people to work more effectively 

Social capital

• the concept emerged in the 1990s

• used to explain social phenomena in the social science

• simple definition — relationships matter

• some (Coleman, 1998) see SC as a norms of reciprocity and mutual trusts

• features of social organization such as networks, norms, and trust that facilitate coordination and cooperation for mutual benefit

• broadly defined as “social networks, the reciprocities that arise from them, and the value of these for achieving mutual goals

• social capital does not operate at the individual level, but is an attribute of communities

Political capital

• consists of the organization, connections, voice, and power as citizens turn shared norms and values into standards that are codified into rules, regulations, and resource distributions that are enforced

• political capital, generally, reflects the dominant cultural capital — tendency to support the status quo

• analyzing political capital helps understand who has power and who is marginalized and excluded

  • whos issues are on the agenda and whose are excluded

  • how/under what circumstances can marginalized communities organize together

Financial capital

• = money

• momey can be used to buy things or make more money

• not only money

• resources that are translated into monetary instruments that make them highly liquid — able to be converted into other assets

  • there is a difference between consumption and investment — buying a car for personal use or buying a car to use as an uber or shuttle service

• financial capital can be transformed into human and built capital

Built capital

• the permanent physical installations and facilities supporting productive activities in a community

• the physical infrastructure and structures that are created and maintained by human beings to support economic activities and improve quality of life

  • buildings, roads, bridges, utilities (water, gas, electricity), communication systems, public facilities, and transportation networks, etc.

• these assets enable the functioning of business, government, and social institutions