In the process of compressed growth, Korean society has missed an important aspect of the cooperative value that members of society should share. Trust and ties, norms of reciprocity, and practices of civic participation are remarkably lacking, and enmity and value conflicts threaten the foundation of the community. We believe that this is the biggest obstacle for Korean society to become a truly advanced country, not only in terms of political and economic sense but also in terms of societal. With this awareness in mind, this study empirically explored the accumulation and depreciation process of social capital in Korea, focusing on 'the reciprocal value norms shared by a society' among various types of social capital. The report consists of the following.

First, Chapter 2 examines the origins of social capital discourse and explores the theoretical justification of the social capital concept(i.e., reciprocal social norms) defined in this study. In particular, it explores the relationship between various discussions assuming 'homo socialis' and social capital theory, from Adam Smith to the recent social preference theory in economics. In addition, as a basic requirement for the concept of social capital, the Solow criteria are presented and the validity of the concept of social capital defined as reciprocal social norms is reviewed.

In Chapter 3, for empirical analysis, we construct three indicators for measuring social capital―social (general) trust, civic norm consciousness, and respect for others― and then analyze the effects on economic growth using those indicators. In addition, the relationship with various socio-economic outcomes other than economic growth, specifically, corruption control, governance, and income inequality is analyzed.

Chapter 4 focuses the analysis on Korea and analyzes the characteristics and changes of the reciprocal value norms of Koreans. Assuming that the formation of social capital(i.e., accumulation and depreciation) is achieved by transmission of values from generation to generation and subsequent adjustment by socio-economic environment and experiences, we examine the process of changing reciprocal social norms by generation. In addition, various factors affecting individuals' attitudes toward reciprocal value norms are explored.

Finally, Chapter 5 summarizes the analysis results of this study and presents the following four policy directions based on them.
First, it is necessary to understand that the behavior of economic agents has social motives that cannot be reduced to selfish motives and avoid approaches that emphasize only economic incentives in policy and institutional design. (Policy design for 'homo socialis')

Second, public trust in government institutions, laws, and norms must be restored first to prevent a decline in civic norm consciousness and moral hazard To this end, it is most important to design policies and systems that do not differ significantly from the expectations of members of society and promote them consistently. (Restoring confidence in government policy)

Third, open community activities should be encouraged so that members of society can cultivate community values. It is necessary to expand the experience and learning opportunities in which various opinions are coordinated and mediated from a small and specific agenda. (Encouraging community values and ‘small’ democracy)

Fourth, school education should be rebuilt to foster pro-social future citizens, by contributing to the establishment of inclusive values and ethical norms, not by encouraging selfishness and competition. (Educational reform to foster future citizens)

Preface
Executive Summary

Chapter 1 Why Social Capital Matters Again
　Section 1 Introduction
　Section 2 Challenges Facing Korean Society
　Section 3 Structure of the Report

Chapter 2 Understanding the Concept of Social Capital
　Section 1 Introduction
　Section 2 Basic Concepts of Social Capital
　Section 3 Origins of the Concept of Social Capital in Economics
　Section 4 Social Capital as Reciprocal Value Norms
　Section 5 Conclusion

Chapter 3 Measurement of Social Capital and Empirical Analysis of Its Socioeconomic Effects
　Section 1 Introduction
　Section 2 Measuring Reciprocal Social Norms
　Section 3 Reciprocal Social Norms and Economic Growth
　Section 4 Reciprocal Social Norms and Socioeconomic Outcomes
　Section 5 Conclusion

Chapter 4 Characteristics and Changes in Social Capital in Korea
　Section 1 Introduction
　Section 2 Levels and Trends of Reciprocal Social Norms in Korea: A Comparison with Major Countries
　Section 3 Generational Changes in Reciprocal Social Norms
　Section 4 Analysis of the Determinants of Individual's Reciprocal Value Norms
　Section 5 Conclusion

Chapter 5 Conclusion and Policy Tasks
　Section 1 Key Findings
　Section 2 Policy Recommendations

References
Appendix
ABSTRACT