The early-stage risk capital market in Scotland since 2000: issues of scale, characteristics and market efficiency

In this paper we provide a detailed profile and analysis of the regional risk capital market in Scotland, using an innovative methodology and specially developed databases which cover risk capital investment in young companies in the periods 2000–04 and 2005–07. This identifies the investment activity of all actors in the market and provides estimates of the total flow of risk capital investment into early-stage Scottish companies over the period. The paper concludes by drawing out the implications for policy makers (providing a more robust evidence base for the development, implementation and monitoring of policy) and for academic researchers (on the methodologies for estimating market scale and efficiency).

Knowledge as Power, Knowledge as Capital: A Political Economy Critique of Modern 'Academic Capitalism'

We are constantly reminded that we live in a 'knowledge society, and indeed that with a 'knowledge economy' a nation's international competiveness is directly linked to its ability to innovate, out-compete and successfully commercialise knowledge. INcreasingly, research within universities is being directed, incetivized and ultimately disciplined towards clear 'economic' priorities. This article offers a critical analysis - employing a broad political economy approach - of the ways in which research within universities and other places of higher learning has become increasingly orientated towards a narrow set of economic goals.

Cultured responses: the production of social capital in faith based organisations

The theoretical concept of ‘social capital’ has been increasingly invoked in connection to religion by academics, policy makers, charities and Faith Based Organisations (FBOs). Drawing on the popularisation of the term by Robert Putnam, many in these groups have hailed the religious as one of the most productive generators of social capital in today’s societies. In this article, we examine this claim through ethnographic material relating to Faithworks, a national ‘movement’ of Christians who provide welfare services within their communities. We claim that to apply the term ‘social capital’ in a meaningful sociological manner to FBOs requires a return to Pierre Bourdieu’s use of the term in order to refuse to extricate it from the practices in which it is enmeshed.

Crucial silences: When Accountability Met PFI and Finance Capital

During recent years, a wide spectrum of research has questioned whether public services/infrastructure procurement through private finance, as exemplified by the UK Private Finance Initiative (PFI), meets minimum standards of democratic accountability. While broadly agreeing with some of these arguments, this paper suggests that this debate is flawed on two grounds. Firstly, PFI is not about effective procurement, or even about a pragmatic choice of procurement mechanisms which can potentially compromise public involvement and input; rather it is about a process where the state creates new profit opportunities at a time when the international financial system is increasingly lacking in safe investment opportunities. Secondly, because of its primary function as investment opportunity, PFI, by its very nature, prioritises the risk-return criteria of private finance over the needs of the public sector client and its stakeholders. Using two case studies of recent PFI projects, the paper illustrates some of the mechanisms through which finance capital exercises control over the PFI procurement process. The paper concludes that recent proposals aimed at “reforming” or “democratising” PFI fail to recognise the objective constraints which this type of state-finance capital nexus imposes on political process.

The Development of Entrepreneurial Leadership: The Role of Human, Social and Institutional Capital

This paper contributes to the literature on entrepreneurial leadership development. Leadership studies are characterized by an increasing emphasis given to an individual leader's social and organizational domain. Within the context of human capital and social capital theory, the paper reflects on the emergence of a social capital theory of leadership development. Using a retrospective, interpretivist research method, the authors present the experience of a cohort of business leaders on an executive development programme to uncover the everydayness of leadership development in practice. Specifically, they explore how entrepreneurial leadership develops as a social process and what the role of social capital is in this. The findings suggest that the enhancement of leaders’ human capital only occurred through their development of social capital. There is not, as extant literature suggests, a clear separation between leader development and leadership development. Further, the analysis implies that the social capital theory of leadership is limited in the context of the entrepreneurial small firm, and the authors propose that it should be expanded to incorporate institutional capital, that is, the formal structures and organizations which enhance the role of social capital and go beyond enriching the human capital stock of individual leaders

Building bridging social capital in a divided society: The role of participatory citizenship education

Participatory citizenship education has been highlighted as a strategy to promote social cohesion in divided societies whereby collaborations with Non-Governmental Organisations and inter-school links have been proposed as tools to improve social networks between schools and communities. This article explores the role and meaning of citizenship education and cross-community participation in promoting social capital and social cohesion. School survey findings, focus groups and interviews with young people and educators indicated that differences between school sectors and established allegiances with particular communities and NGOs may limit the potential for citizenship education to produce bridging social capital and serve to reproduce bonding social capital. It is argued that the introduction of citizenship curricula into segregated schools systems in divided societies may be useful to promote citizenship values and positive attitudes to the other but insufficient to promote the development of bridging social capital and, ultimately, social cohesion in the long term.

Prospective study of workplace social capital and depression: are vertical and horizontal components equally important?

Background Recent studies have emphasised the multidimensional nature of the social capital concept, but it is not known whether the health effects of social capital vary by dimension. The objective of this study was to examine the vertical component (ie, respectful and trusting relationships across power differentials at work) and the horizontal component of workplace social capital (trust and reciprocity between employees at the same hierarchical level) as risk factors for subsequent depression.