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The Role of Social Capital in the Industrialization of the Food System

Published online by Cambridge University Press:  15 September 2016

Lindon J. Robison ,
A. Allan Schmid  and
Peter J. Barry
Lindon J. Robison
Affiliation:
Department of Agricultural Economics, Michigan State University, East Lansing
A. Allan Schmid
Affiliation:
Department of Agricultural Economics, Michigan State University, East Lansing
Peter J. Barry
Affiliation:
Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign
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Abstract

Selfishness of preferences alone will not support the coordination necessary for the industrialization of the food system. Social capital relationships of mutual sympathy (caring) yield socio-emotional goods that are important in the more personal business world of evolving incomplete contracts and alliances involving input suppliers, processors, and labor. Relationships are also critical when consumers are buying image as well as physical products. Management and policy alternatives constitute investment in social capital that can affect opportunism, risk, loyalty, and trust.

Keywords

contractsfood systemindustrializationloyaltyopportunismrisksocial capitalsocio-emotional goodstrust
Type
Invited Presentations
Information
Agricultural and Resource Economics Review , Volume 31 , Issue 1 , April 2002 , pp. 15 - 24
Copyright
Copyright © 2002 Northeastern Agricultural and Resource Economics Association 

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