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About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation.Abstract This paper evaluates key developments in the social capital literature over the past decade. It then examines empirical work on the purported the link between social capital and economic performance. Although these results indicate that good governance and social cohesion make a measurable contribution to economic development, the offer little guidance for policy formulation. Early contributors to the social capital field were pessimistic about the ability of the state to stimulate social capital formation. More recently, there has been a groundswell of interest in the application of community development principles to foster social capital at the micro level. This paper incorporates a critical evaluation of the mainstream social capital literature from a social economics perspective. The various strands within the social economics tradition share a common concern with the "disembedding" of social context from mainstream economics.What is good, Phaedrus, and what is not good . . . need we ask anyone to tell us these things? (Pirsig, 1975).