SOCIAL CAPITAL AS A FACTOR OF GROWTH OF THE ECONOMIC SYSTEMS COMPETITIVENESS

Basing on the summary of domestic and foreign literature review the authors identified the key economic effects of social capital development in economic systems. It is shown that the social capital in economic sphere facilitates the access of economic operators to information and resources, reduces the transaction costs for negotiations and conclusion of the contracts, creates incentives and conditions for the public goods production, and increases the efficiency of public administration. Moreover, the authors proved that the use of social capital helps to reduce the risk of interaction of economic operators and the “market failures” effects and, therefore, stimulates trade and investments; social capital promotes the creation of additional value in the result of joint use of public goods, including the access to tangible and intangible resources (information, innovative products, technologies), as well as increases the benefit from the investments in financial, physical and human capital.