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1、Onthewealthofnations:BourdieuconomicsandsocialcapitalGUNNARLINDHAASESVENDSENandGERTTINGGAARDSVENDSENSouthernUniversityofDenmark;TheAarhusSchoolofBusinessAbstract.Whyaresomecountriesricherthanothers?Wesuggestinthelineofpoliticaleconomytheorythattraditionalproduct
2、ionfactorscannotexplaintheobserveddi¡er-ences.Rather,di¡erencesinthequalityofformalinstitutionsarecrucialtoeconomicwealth.However,thistypeofpoliticaleconomytheoryaccentuatingtheroleofformalinstitutionscannotstandonitsown.Thisimpliesasocio-economicapproachinthest
3、udywherewesupplementtheformalinstitutionalthesiswithBourdieu’sideaofmaterialandnon-materialformsofcapital.Suchnewsocio-economics^whichmightbetermeda‘‘Bourdieuconomics’’^impliestheusageofacapitaltheorythat,methodo-logically,operateswithmaterialandnon-materialform
4、sofcapitalatthesamelevel.Here,westresstheparticularimportanceofanon-materialformofcapital,namelysocialcapital,whichfacilitatesinformalhumanexchange,thereby‘‘lubricating’’civicsocietyandthevoluntaryprovisionofcollectivegoodssuchastrustandpredictablebehavior.Inthi
5、sway,socialcapitalreducestransactioncostsinsociety,therebyenhancingeconomicgrowthandthecreationofdi¡erencesinthewealthofnations.Futureresearchshouldthereforebedirectedtowardsanalysesofanewandformerlydisregardedproductionfactor,socialcapital,withinanew¢eldofsocio
6、-economics,namely‘‘Bourdieuconomics.’’Thequestionofwhysomecountriesarericherthanothershaspuzzledsocialscientistsforcenturies.Alreadyintheeighteenthcentury,Adam1SmithdiscussedthisissueinhisbookTheWealthofNations.Smithandothersocialscientistshavefocusedontheroleof
7、materialcapitalssuchasphysicaland¢nancialcapital.Drawingheavilyonclassicalsocialeconomicthinkers,suchasEŁmileDurkheim,MaxWeber,2MarcelMauss,andKarlPolanyi,PierreBourdieu,inhisarticle‘‘The3FormsofCapital,’’contributedtobreakingthislineofthoughtbyansweringthetwoqu
8、estions:whatiscapitalandwhatformsofcapitalexist.TheresultwasanoriginalreformulationofMarx’conceptofcapital,wheretheterm‘‘capital’’isexpandedtoincludebothnon-materiala
