Social Capital in Knowledge Based Economy. Chosen Aspects

Abstract

The article raises the issue of social capital in the context of building a knowledge-based economy. Globalization, the increasing mobility of factors of production and the development of information technology have all led companies towards a stronger competitive struggle. Competing with factors of production of material nature has become insufficient. Therefore, the interest of economists is now focusing on the role of informal institutions in the process of economic growth. The growth of the designations of social capital such as trust, norms and values, collaboration and relationship building, affects the ease of information flow, creation and transfer of knowledge - all of which translate into a reduction of transaction costs, increased innovativeness and competitiveness. The purpose of this article is to present the importance of social capital in the process of building a knowledge-based economy, and above all, the growth of innovativeness and entrepreneurship on the example of Poland. The study contains a review of literature sources which deal with the role of informal institutions in the fundamental aspects of knowledge economy, and thus, the value of companies, their intellectual capital, ease of business transactions, and above all, innovativeness. The last factor is presented on the canvas of current empirical data derived from institutions analyzing the level of Polish innovativeness. In addition, the article presents the results of empirical research on cross-organizational collaboration of selected companies of the food sector in Greater Poland and the importance of social capital in achieving competitive advantage in the international arena.