SOCIAL CAPITAL AS AN ENVIRONMENT OF ECONOMIC DEVELOPMENT

Social capital has been studied in its relation to the institutional system and society as a social infrastructure of society. Attention is drawn to the geographical characteristics of the country, the level of ethno-linguistic fractionalization of society as well as cultural and historical factors, which are important conditions for the establishment and functioning of a market institutional environment. Russia is very different from European countries in geography, population distribution and heterogeneity of infrastructure, including institutional. The purpose of this paper is to analyze the relationship of social cohesion, institutions and economic growth using econometric modeling techniques. As a result of the analysis using econometric modeling a significant relationship between institutional macro-environment; its quality and factors such as ethno-linguistic fractionalization and geography determines the macro-level of institutional was shown. Influence the quality of the institutional environment for economic growth allows us to consider social capital as a factor of production and as a resource, as part of the national wealth.