What is Social Capital?
Social Capital is a community’s propensity to undertake tasks for collective good. SoCCs incentivize and reward acts of collective good, thus bringing people together in a manner not possible otherwise. In AI projects, SoCCs have brought together people from different ethnicities, castes and skills that would otherwise have no reason to meet and empathize with each other.
What are Social Capital Credits (SoCCs)?
SoCCs are a community currency for social good which acts as a catalyst for development without the sole reliance on money. The philosophical basis of SoCCs is the Theory of Positive Psychology, in which SoCCs enhance interpersonal connections and instill a sense of larger meaning and purpose in life, leading to happiness and well being. SoCCs give back the power of choice to communities, helping them become the main stakeholders in their success. This innovative model of economic and social development tackles poverty issues while promoting sustainable development of communities.
SoCCs enable each development dollar to have a multiplier impact, since community members “earn” their personal good, such as education, by doing a social good such as planting trees. SoCC also helps make the invisible work that women do to support their communities visible.
The earning of SoCCs by women in the community empowers and enables them to make decisions that impact themselves and their family. It also helps to build their confidence and to become active and engaged member of the community.
Unlike money they may earn, no one can take SoCCs away from a woman to use on alcohol and other unnecessary consumables. Children are also able to earn SoCCs for appropriate activities and inculcate spirit and pride within the community, learn record keeping and how to set goals and work towards them.
SoCC Stars are members of the community who are honored for the exceptional work they have done for their communities. This mechanism identifies role models that others can emulate.