The popularity of the concept of social capital has been accompanied by
increasing controversy about its actual meaning and effects. I consider here
the alternative applications of the concept as an attribute of individuals vs.
collectivities and discuss the extent to which causal propositions formulated
at each level are logically sound. I present some empirical evidence illustrating
the possibility that, despite the current popularity of the concept, тuch of
its alleged benefits may be spurious after controlling for other factors. Im
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