During 1993 several workshops on social capital and economic development were held in Cambridge, Massachusetts, at the American Academy of Art and Sciences with support from the Rockefeller and Carnegie Foundations and at Harvard's Center for International Affairs with support from the World Bank. Many of the definitional and conceptual issues that have subsequently preoccupied this rapidly growing field of study were at the center of the agenda of those initial conferences:

• What does “social capital” mean, and is the analogy to other forms of capital useful?

• How can we distinguish between the “good” and “bad” effects of social capital?

• Through what mechanisms might social capital affect development?

• How might social capital be influenced by, or interact with, public policy?

The pioneering workshops revealed little consensus on any of these issues. In the ensuing decade “social capital” has become one of the hottest concepts in social science globally. Although conceptual battles continue, much progress has been made. Some of the progress has reflected theoretical refinements. For example, experts in the field are now converging toward a “lean and mean” definition of social capital, focused on social networks and the associated norms of reciprocity and trust. All sides now understand that (like other forms of capital) social capital can be put to both good and bad purposes.