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1、December2007SocialCapitalasGoodCultureLuigiGuisoEuropeanUniversityInstitute,EIEF&CEPRPaolaSapienzaNorthwesternUniversity,NBER&CEPRLuigiZingalesUniversityofChicago,NBER,&CEPRToexplaintheextremelylong-termpersistence(morethan500years)ofpositivehistoricalexperiencesofcooperation(Putnam1993),wemodelt
2、heintergenerationaltransmissionofpriorsaboutthetrustworthinessofothers.Weshowthatthistransmissiontendstobebiasedtowardexcessivelyconservativepriors.Asaresult,societiescanbetrappedinalow-trustequilibrium.Inthiscontext,atemporaryshocktothereturntotrustingcanhaveapermanenteffectontheleveloftrust.Wev
3、alidatethemodelbytestingitspredictionsontheWorldValuesSurveydataandtheGermanSocioEconomicPanel.Wealsopresentsomeanecdotalevidencethatdifferencesinpriorsacrossregionsarereflectedinthespiritofthenovelsthatoriginatefromthoseregions.JEL:E0Keywords:socialcapital,culture,trust.ACKNOWLEDGMENT:Wearegrate
4、fultoAlbertoAlesina,AlbertoBisin,PaolaGiuliano,ElianaLaFerrara,EmirKamenic,andGuidoTabelliniforhelpfulcommentsonapreviousdraft.LuigiGuisothankstheEuropeanUniversityInstitute,PaolaSapienzatheZellCenter,andLuigiZingalestheCenterforResearchinSecurityPrices(CRSP),theStiglerCenter,andtheInitiativeonGl
5、obalMarketsattheUniversityofChicagoforfinancialsupport.WethankNielsPatrickJoaquinforexcellentresearchassistanceandJaniceLuceforeditorialhelp.IntroductionTheconceptofsocialcapitalhasgainedwideacceptanceinsocialsciencesand,mostrecently,ineconomics.Economistshaveusedsocialcapitaltoexplainanimpressiv
6、erangeofphenomena:economicgrowth(KnackandKeefer1996),sizeoffirms(LaPortaetal.1997),institution’sdesignandperformance(Djankovetal.2003),financialdevelopment(Guisoetal.(GSZhenceforth)2004,2008),crime(Glaeseretal.1995),thepowerofthefamily(AlesinaandGiuliano2007),innovation(Fountain1997),andthespread
7、ofsecondaryeducation(GoldinandKatz2001).Giventheacceptancethatsocialcapitalhasachieved,itisimportanttounderstandhowitisaccumulatedandhowitisdissipated.Putnam(1993),oneofthefathersoftheconcept(atleastasacharacteristicof
