SOCIAL CAPITAL AS A NON-ECONOMIC DETERMINANT IN THE ECONOMIC GROWTH : EMPIRICAL ECONOMIC ANALYSIS

Based on the results that derived from the conducted in the article empirical economical analysis, it was revealed that from the beginning of the 1960s factors, which impact the economic growth, have noticeably been changing. During the last decades, it can be observed in economic literature that ?traditional‘ or the eco- nomic factors (physical capital, land, labour etc.) are supplemented by ?non-traditional‘ or non-economic fac- tors (globalization, technological, information, human capital, energy and resources, environmental, cultural and religious, political and institutional). It was ascertained that many of non-economic factors are social capital components (institutions, formal and informal norms, values, social networks, information exchange etc.). Thus, social capital is non-economic factor that contributes to the modern economic growth.