The promise of social capital theory: Or the dominance of economic discourse and triumph of capitalism?

Social capital theory has emerged as a significant conceptual innovation, challenging the dominant paradigm of individualism and economic rationalism. Social capital theory seeks to reverse the undersocialised view of humans as solely rational and self-interested actors by emphasising the social dimensions of human experience. This article explores the rise of social capital theory and its potential to address social issues alongside economic factors, reshaping decision-making processes. It highlights the historical neglect of social factors in favour of economic considerations, which resulted in an incomplete understanding of human behaviour. While social capital theory provides a framework to prioritise social factors, its application requires a multidisciplinary approach that transcends disciplinary boundaries. It has the potential to foster trans- and inter-disciplinary research, promoting a deeper understanding of complex social phenomena. Despite its potential, social capital theory has faced criticism for its misuse and lack of theoretical rigour. The amalgamation of sociological factors under the umbrella of social capital has sometimes resulted in oversimplification and inappropriate assumptions about causality. The long-term role of social capital theory remains uncertain. Merely adding social capital as another form of capital does not guarantee a shift in behaviour or decision-making processes. Genuine change requires a deeper examination of the underlying values that shape our current system. Social capital theory holds promise, but its effective use necessitates a comprehensive and critical approach, moving beyond token inclusion and embracing a broader understanding of human social interactions