Unlocking Social Capital: The Key to Competitive Advantage in Business
The article explores how social connections can give businesses a competitive edge. It suggests that social capital, or the value in relationships, is crucial for success in today's interconnected world. By focusing on social capital, the author argues that economic theories of organization can evolve and improve. Social capital benefits not only those who create it but also others, leading to challenges like free-riders who benefit without contributing. This study aims to show that modern economic theories understand the importance of social capital better than older ones.