ࡱ> ;=89:q`bbjbjqPqP4j::Ą *******>CCC8>CD>L*FHrGrGrGrGaH#I4WIЦҦҦҦҦҦҦ$AhH*^aHaH^^**rGrG;w;w;w^*rG*rGhh;w^Ц;w;w***rGF P\W}5CmbL Ũ0̊^v,***Г|sIP;wTXsIsIsIvRsIsIsI^^^^>>>2A$>>>A>>>****** SOCIAL TRUST AND ECONOMIC GROWTH IN CROATIA Radman-Funari, Mirjana1; Pisker, Barbara2; Radman, Mateo Ivan3 1 Polytechnic in Pozega, Pozega, Croatia,  HYPERLINK "mailto:radmanfunaric@vup.hr" radmanfunaric@vup.hr 2 Polytechnic in Pozega, Pozega, Croatia,  HYPERLINK "mailto:bpisker@vup.hr" bpisker@vup.hr 3 University of Southampton, Southampton, United Kingdom, mateoradman@gmail.com Summary Social trust as one of the dimensions of social capital is one of the determinants that have a positive value for the economic and social development of the community. The paper gives a definition of social trust, in some works called generalized trust. Furthermore, it outlines the research that links social trust and economic activity, an overview of social trust in the transitional period of Croatia, and the relationship between social trust and the economic growth of society. The paper is focused on some important features of social trust and the usual assumption that the lack of social trust has negative effects on society as a whole. It is considered that the foundation of trust between economic and institutional stakeholders, together with the appreciated and recognized co-operation allows for long-term community progress. The paper is based on a research of the level of social trust among the citizens of the Republic of Croatia since 1995, when World Values Surveys for the first time included Croatia in the research, until the survey conducted in 2012. The paper is focused on six time-points showing changes in the level of social trust. The ultimate question of this work is how the lack of social trust can be a barrier to economic and social development. Key words: Social Capital, Economic Growth Introduction In explaining the role of social capital, the goal is to present social capital as a capital of value and significance such as human and physical capital. Previous papers gave special attention to social trust as one of the dimensions of social capital. The greatest significance of trust as a dimension of social capital was given by Fukuyama who considers that social capital is a capability derived from the degree of trust. Fukuyama (1995) defines trust as the expectation that arises within a community of regular, honest and cooperative behaviour which is based on commonly shared moral norms and benefits. Putnam et al. (1993) emphasize the importance of confidence in economic growth, quoting the words of Genovesi (1803), who believes that in the absence of trust, there cannot be security in terms of contracts and hence there is no legal constraint. This paper presents the level of social trust in research conducted in Croatia at six time points from 1995 to 2012, computed by regression analysis with GDP and GDP per capita data in Croatia to determine whether there is a link between social trust and economic growth. Social Trust and Economic Performances Social capital is defined as a feature of social organization such as networks, norms and social trust that facilitate coordination and cooperation for mutual benefit (Putnam, 1993). In the OECD document (2005: 42), social capital has been identified as an integral component of social and economic development on both macro and micro level. At the macro level, Putman et al. (1993), Fukuyama (1995) Helliwell (1996) and Knowles (2011) found that social capital indicators, at a regional level, positively correlate with various indicators of economic activity. These conclusions were partially confirmed and partially contradictive in the research carried out by Cooke and Clifton (2002) in Denmark, Ireland and Wales. The results of the research have shown that social capital is linked to the level of activity in society, the level of innovation and intensity of knowledge and that the most competitive regions are indeed the most prominent beneficiaries of social capital. Employees of companies with more innovative capacity have shown more trust in their associates, greater understanding of information beyond their usual business connections, more ranking of external information, strategic contacts, and cooperation. The results of research conducted by Zhang, W, Xie, F. and Zhang, B. (UNSW Business School, 2017) utilized data from a large international sample of 10205 industry-year observations across 43 countries during the period from 1990 to 2008 show that the level of social trust in a country is positively related to the innovation output, and this relationship is both economically and statistically significant. In other words, a 15% increase in a country's social trust leads to a 59% increase in the number of patents and a 55% increase in the number of citations. The study also identifies the specific channels through which social trust has such a positive effect on innovation: the collaboration channel, the tolerance channel and the funding channel. The effect of trust on innovation is more pronounced in countries with a lower contract enforceability or poorer intellectual property protection suggests that social trust, as an effective informal contract mechanism, enhances innovators' collaboration and thus spurs innovation. Social trust plays a more important role in spurring innovation in countries with weaker legal protections for innovators because as a tolerance mechanism it promotes firms 'innovation by reducing innovators' concern about the consequence of innovation failure. In terms of funding, the study finds that the impact of social trust on innovation is stronger for countries with weaker auditing and accounting standards, or lower financial information transparency. The research finds that social trust has a positive effect on the industry's value-added growth as the total growth and the growth of total factor productivity in the industry, mainly through enhancing the innovation output in innovative industries. At the micro level, Paldam and Svendsen (2000) argue that social capital can be important for the production of a factor of production in parallel with physical and human capital, as a determinant of transaction costs, and as a determinant of monitoring costs. According to this economic rationale, entrepreneurs would make the rational choice to maximise their personal profit by deciding to interact and invest in social relations. Fukuyama (1995), together with Knack and Keefer (1997), Norris (2002) and Peir-Palomino and Forte Deltell (2013) believes that social (generalized) trust is one of the main determinants of the country's economic performance as opposed to research conducted in transition countries which came from Raiser et al. (2001) and Radman-Funari (2013). Social Trust in Transition Economies  TC "3.6 The challenges of social capital in post-communist countries" \f C \l "3"  `tulhofer (1999) points out the inadequacy of the inclusion of socio-cultural aspects of transitional reality in the then works analyzing the economic reality of transitional countries, or the socio-cultural aspects of development (1999: 1) are treated as scenography- a reflection of social costs of transition. According to tulhofer (1999), the literature on transitional countries in the vast majority of cases include only the economic and political dimensions of transformation. tulhofer, examines the perception of Croatian citizens about the state of the economy through the perception of the privatization process as a necessary element of transition, says (1999: 25) "bearing in mind that socio-cultural barriers have a significant influence on the direction and reach of economic activities (Feige 1997; North, 1990), the observed situation-induced reactions - in particular, mistrust in economic institutions - point to the need for a series of social measures aimed at encouraging civilization. This approach implies the treatment of socio-cultural capital as a national resource (Putnam et al, 1995), whereby its growth becomes an integral part of economic development. "If tulhofer (1999: 25) fails to fight corruption, he states "the direct negative effects of corruption on economic activity which are the growth of the gray economy, the reduction of the efficiency of investments and the inflow of foreign capital", and as an indirect negative effect it says (1999: 24) that the so-called Climate of cynicism that can overcome the economic potential of the country in the long run. Unlike aforementioned papers, Raiser et al. (2001) conducted a research using WVS data in 1995 and found that the deterioration of the economy, which has been present since 1990-1995 in the post-communist transition countries, is strongly linked to the lower rates of citizen's association but is not related to social trust. The results of Radman-Funari (2013) show that there is a statistically significant negative correlation between the generalized trust of the citizens and the economic development of the county of Croatia, which is consistent with the results of the research carried out by Helliwell (1996) using WVS data, which showed, that generalized trust is significantly and negatively related to productivity growth in a sample of the OECD seventeen. tulhofer (2003: 83) claims that social capital is a key factor in economic, social and political development and that it derives from the association of citizens who exercise their interests for which the state cannot afford enough funds. A society that is abundant with social capital has no need for a ubiquitous and oppressive state. For example, such a community does not mark the important level of crime and the corresponding social costs. A well-connected and self-organized community is excellent control and corrective power. Building social capital is a very slow process, and accelerating this process can contribute to a more positive engagement of public authority. According to research conducted by Cooper et al. (2005), the link between economic status and social capital in Croatia has been found. Although the analysis blurs the direction of causality in this relationship so we are unable to determine what causes what. tulhofer (2003: 83) also shows the possibility and by argumentum of statistically significant connection, r = 0,61 in-between percentage of examinees in national samples of 43 countries of the world stating how the majority of people can be trusted and Gross national product states how the direction of influences could be both sided. It is possible that after the achievement of a certain value GDP starts producing trust. Higher existential security (better material conditions) means a decrease in costs of frustrate trust. Similar results state other authors: North (1990), Putnam (1995), Feige (1997), Norris (2002), Peir-Palomino & Forte Deltell (2013). They include two other dimensions of social capital in their analysis, merging and respecting norms, but they led to different results. The results from Peir-Palomino and Forte Deltell (2013: 16-17) show that higher level of trust and respect norms can lead to intensive economic development with probabilities over 81% and 84%. However, there is a weak support to a standpoint that higher level of active participation in civil associations has a positive increase to economic growth. The results show how regions of middle and east Europe show a decrease in levels of social capital, as Paldam and Svendsen (2002) and Fidrmuc and Grxhani (2008) have shown. People in those regions show higher affinity to single benefit than a higher level of cooperation and behaviour aimed to public benefit. The Results of Research of Social Trust the GDP Data for the Republic of Croatia According to Norris (2002: 9), this work and many previous works have made it possible to compare the measure of affiliation with voluntary organizations and civil associations, and the direct measurement of personal trust at the heart of social capital theory and several standard indicators of political participation and civic engagement as dependent variables. All the current social capital analysis is based on examining the level of social trust by asking the question "Generally speaking, do you think that most people can trust or hold that in relationships with people one should be cautious?" Rosenberg (1956). The usual measure of social trust is the percentage of respondents who choose the answer that most people can trust (alaj, 2007). World Social Survey Researches were conducted in six research waves under World Values Surveys 1981-1984, 1990-1994, 1995-1998, 1999-2004, 2005-2009, and 2010-2014 and European Values in the four waves, European Values Study 1981-1983, 1989-1993, 1999-2001 and 2008-2010. Many scientific studies in the field of economics, sociology and other sciences are based on the results of such studies, such as Helliwell (1996), Knack and Keefer (1997), Raiser et al. (2001), Norris (2002), Fuchs and Klingemann (2002), Beugelsdijk and Van Schaik (2005), Paldam (2007), Peir-Palomino and Forte Deltell (2013). Also, Croatian scholars who tackled this problem were tulhofer (1995, 2004), tulhofer and Rimac (2002), Rimac and tulhofer (2004), alaj (2007, 2011), Zhang, W, Xie, F. and Zhang, B. (2017). Croatia was first involved in the third WVS 1995-1998 study, which was conducted in late 1995, encompassing 1196 respondents, and the European Values Study (EVS) - Croatia 1999 project, which included 1003 respondents. In addition to these two time points in which the social trust in Croatia has been investigated, the third time point has been secured from two surveys, both conducted in 2003 by the South East European Social Survey, which included 1250 citizens of Croatia older than 20 years, and research within the scientific Research project of the Faculty of Political Science in Zagreb, Elections, parties and parliament in Croatia 2000-2010, Elections 2003, with 1153 Croatian adult citizens examined ( ular, 2005). According to the research of social trust in the Republic of Croatia, conducted in 1995, 1999 and 2003, the level of social confidence ranged from 23% in 1995, 20% in 1999 to 9% in 2003 (Elections, 2003), respectively 24% (SEES 2003). Comparing the average results of these surveys with the average results of the same research in other countries, it is visible that the social trust of citizens in Croatia, 17%, is significantly below the countries of the European Union; Norway 64%, Sweden 58%, Denmark 66%, Austria 31%, Germany 30%, United Kingdom 29%, but also above social trust in some countries that have joined the European Union as; Portugal 14%, Poland 16%, Romania 10%, Slovakia 15% (alaj, 2007). In the research project "Izbori, stranke i parlament u Hrvatskoj 2000-2010.", 2007 survey of the elections was conducted on a representative sample of 1081 adult citizens of Croatia. The survey examined generalized trust by asking the question "Generally speaking, do you consider that most people can be trusted or held to be cautious in relationships with people?" The results of the research in Shalaj (2011: 62) have shown that 14% of respondents show confidence in other people. A survey of the generalized trust of citizens of the Republic of Croatia conducted in 2012 (Radman-Funari, 2013) on a deliberate sample of 1761 citizens showed that 22.22% of citizens believe that most people can be trusted. For the same work, a survey was conducted in 2009 on a deliberate sample of 1013 citizens, according to which 26% of respondents stated that most people can be trusted. In both researches, generalized trust investigated in terms of issues Do you think most people can trust you. The survey was conducted on the basis of snowball. Although the analysis of the results obtained is different due to differences in the methodological approaches used in the research, it is possible to give a brief picture of the level of social capital in the Republic of Croatia, Table 1. Year19951199922003200752009620126%23,62024 (SEESS)3 9 (Elections, 2003) 4142622,22Table 1. Percentage of persons considering most people can be trusted Source: 1World Values Surveys 1981-2008 2EVS (2012): EVS - European Values Study 1999 Croatia 3tulhofer (2004) 4 ular (2005) 5`alaj (2011) 6Radman-Funari (2013) Research has shown that overall social confidence in the period from 1995 to 2012 is at a very low level, unlike the developed European countries (Ortiz-Ospina and Roser, 2016), which is in line with the higher GDP in these countries. Data on Gross Domestic Product (GDP) for the Republic of Croatia were collected mostly from published Croatian Bureau of Statistics (2009) and supplemented by other sources (Table 2). YearGDP, market prices (current), mln units of national currency (HRK)GDP, market prices (current), mln EURPopulation, mid-year estimate, 000GDP per capita, EUR1995115.69917.1224.6693.6671996127.05218.6694.4944.1541997145.39420.8884.5724.5691998160.60322.4964.5014.9981999164.05421.6384.5544.7512000176.69023.1464.4265.2292001190.79625.5384.4405.7522002208.22328.1124.4406.3312003227.01230.0114.4406.7592004245.55032.7594.4397.3802005264.36735.7254.3128.4682006294.43740.2084.3139.3222007322.31043.9354.31310.1872008347.68548.1344.31111.1662009330.96645.0934.30610.4712010328.04145.0224.29610.4792011332.58744.7374.28310.4462012330.45643.9594.26910.297Table 2. GDP for Republic of Croatia 1995-2012 Source: Croatian Bureau of Statistics (2009; 2015) GDP 1995-2005; Eurostat (2017) GDP 2007-2012 in HRK. Results and Discussion Based on the results of the research and the realized GDP in Croatia, a regression analysis was performed to determine the correlation between the displayed variables (Table 3). a) A regression model with estimated parameters:Source of variationDFSum of squaresMean squaresEmpir. F-ratioyi =  + xi+ .!i, i = 1,2, & ., nInterpreted by model123.887.507,6423.887.507,640,127yi = GDP market prices (current), mln EUR44.779,17Non-interpreted (residual) deviation4749.813.335,69187453333,92_xi= Social trust in %-516,34Total5773.700.843,33__Std Dev 11.178,95V33,25%r20,030874346r0,175710973b) A regression model with estimated parameters:Source of variationDFSum of squaresMean squaresEmpir. F-ratioyi =  + xi+ .!i, i = 1,2, & ., nInterpreted by model1897.745,93897.745,930,079yi = GDP/per capita market prices (current), mln EUR9.866,43Non-interpreted (residual) deviation445.556.673,4011.389.168,35_xi= Social trust in %-101,29Total546.454.419,33__Std Dev 2.755,50V35,84%r20,019325307r0,139015493 Table 3. 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hg0JaJmHsHhgaJmHsHjhgUaJmHsHhgB*aJmHphsHhgaJmHnHsHtHhg@\]aJmHsH hg6]aJmH nHsH tHhg]aJmH nHsH tHhg\aJmHsH hgaJhgaJmHsH$W~X~Y~~~~~~Vfh,:GHIٴŮŕzldlVMVEhg0JaJhEhgaJjhgUaJmHsHhg0J2aJhgaJmHnHsHtHhg0J1aJhg0JaJhg6aJmHsHhgaJmHsHhg5OJQJ\^JaJ hgaJ!hg0J]aJmH nHsH tH&hgB*]aJmH nHphsH tH/jhgB*U]aJmH nHphsH tHhgB*aJmHphsHĂłǂȂ˂̂ЂтӂԂۂ܂ Eƃǃȃ )ϻyng hg6aJhg6aJmHsHhg0J6]aJmHsHhEhg6]aJmHsHjhg6U]aJhg6]aJmHsHhg6]aJ&hgB*]aJmH nHphsH tH hgaJhEhgaJjhgUaJmHsHhg0JaJhg0JaJmHsH()Gfͅ545ȈɈʈ!"Љ݉މ߉./ƸwmwwwmwwhgB*aJphjhgB*UaJph&hgB*]aJmH nHphsH tHhghgCJaJhg0JaJjhgUaJhgB*aJmHphsHhgB*aJmHphsHhgaJmHnHsHtH hg\aJ hg6aJhgaJmHsH hgaJ* UVMZ[\<<< <:<;<O<<<=#=$=T=g=|=}===========l>>>>ȴ̲ȴޫޫ޴Ȥ䑉|ޫ hg5\ hg0JhgB*phjhgB*Uph hg0J! hg0J!6 hg6aJU&hgB*]aJmH nHphsH tHhghg0JaJjhgUaJ hgaJhgB*aJmHphsHhgaJmHnHsHtH0aking%20Democracies%20Work.pdf (accessed 19 August 2017). 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(2017),  Why social trust aids innovation and economic growth , UNSW Business School March 15, 2017 available at:  HYPERLINK "https://www.businessthink.unsw.edu.au/%20Pages/Why-social-trust-aids-innovation-and-economic-growth.aspx" https://www.businessthink.unsw.edu.au/ Pages/Why-social-trust-aids-innovation-and-economic-growth.aspx (accessed 20 August 2017). World Values Surveys 1981-2008 Official Aggregate v.20090901, 2009. World Values Survey Association (www.worldvaluessurvey.org). Aggregate File Producer: ASEP/JDS, Madrid.     WWWlXnXXXY4Y6YFZrZtZvZ~ZZ[ \^\x\z\|\8]:]]]]^ ^*_,_`````a aJa"bPbբᓉٓymhg0J56]aJhg0J!6aJ hg5aJhgB*aJphjhgB*UaJph&hgB*]aJmH nHphsH tHhgaJmHnHsHtH hg6aJhgaJmH sH hghg0JaJ hgaJjhgUaJhgB*aJmHphsH(PbTbvbxbzb|b~bbbbbbbbbhINjhINUhhlh6`aJmHsHh hg5CJaJmHsH hgaJhg0J!6aJhg0J!56aJbbbbbbbbb$dh^a$gd]w21h:pJ%. 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