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Less Bang for Your Buck? How Social Capital Constrains the Effectiveness of Social Welfare Spending.

ABSTRACT: Rising economic insecurity in recent decades has focused attention on the importance of social welfare programs in managing household financial stability. Some governments are more effective than others in managing this outcome, and informal social institutions help explain why. Social capital is expected to shape economic security through multiple mechanisms, but whether the effect is to magnify or mitigate volatility is an open question. Part of the answer has to do with how social capital interacts with policy implementation, and whether it conditions the effectiveness of government spending. Evidence from the U.S. states from 1986 to 2010 fails to support a benevolent social capital thesis-not only is social capital associated with greater economic insecurity, there is no evidence that it improves social welfare effectiveness. However, greater spending on some social programs can mitigate the adverse impact of social capital on economic security.

SUBMITTER: Compton ME

PROVIDER: S-EPMC6294149 | biostudies-literature | 2018 Sep

REPOSITORIES: biostudies-literature

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Less Bang for Your Buck? How Social Capital Constrains the Effectiveness of Social Welfare Spending.

Compton Mallory E ME

State politics & policy quarterly 20180621 3

Rising economic insecurity in recent decades has focused attention on the importance of social welfare programs in managing household financial stability. Some governments are more effective than others in managing this outcome, and informal social institutions help explain why. Social capital is expected to shape economic security through multiple mechanisms, but whether the effect is to magnify or mitigate volatility is an open question. Part of the answer has to do with how social capital int ...[more]

PMID: 30595673

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Project description:The values that people hold are linked to their economic performance. These links can be either direct or indirect, operating through moderating variables such as social network participation, interpersonal trust, trust in institutions, human capital, managerial skills and hours worked. In this paper these effects are studied using structural equation modelling (SEM) methodology applied to European Social Survey data from 28 European countries in 2018. Schwartz classification of values is used, distinguishing between Self-Enhancement (Power, Achievement), Openness to Change (Self-Direction), Conservation (Tradition, Security, Conformity) and Self-Transcendence (Universalism, Benevolence) values. It is found that Power has the strongest positive direct effect on economic performance, further strengthened by a positive indirect structural effect through hours worked. Self-Direction is indirectly positively linked to economic performance through higher managerial skills and hours worked. Tradition has a strong negative direct effect on economic performance. Security is indirectly negatively linked with economic performance, owing to its negative effects on interpersonal trust, management skills and hours worked. Some of the identified effects are context-dependent and vary across European welfare state regimes. For example, Power is statistically significantly linked to economic performance only in the liberal and conservative regime. Values promoted by respective welfare state regimes are not necessarily associated with higher incomes within those regimes, e.g., Tradition and Security values promoted in the conservative and Mediterranean regime are associated with lower incomes. These findings may lead to a range of policy implications, particularly in relation to the policies on immigration, demographics, the labor market, and work-life balance. Unfortunately, due to the cross-sectional character of the dataset, causal relations among the variables of interest could not be identified.

Dataset Information

Less Bang for Your Buck? How Social Capital Constrains the Effectiveness of Social Welfare Spending.

Publications

Less Bang for Your Buck? How Social Capital Constrains the Effectiveness of Social Welfare Spending.

Similar Datasets

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