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 us.
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, much of
its alleged benefits may be spurious after controlling for other factors. Implications
of this analysis and results for theory and policy are discussed.