Country Ranking: Social Capital Achievement
By Ronald Lattin & Stephen Young
Under the Principles for Business proposed by the Caux Round Table, economic development does not occur
within its own financial vacuum chamber isolated from society and only autonomously self-starting and selfsustaining. Wealth creation is not an isolate, but rather draws upon pre-existing social and cultural conditions
for its health and energy.
Strong and vibrant markets arise only in facilitating environments. Markets are organic processes, linked to
participants through multiple inter-connections. If we seek to benefit from robust markets as a goad to
economic development, we must first put in place a fertilized bed in which to better culture the seeds of
productive enterprise.
But as wealth is created and markets thrive to expand the number and capacity of participants in commerce
and enterprise, society in turn benefits. Culture changes; new professions and social classes emerge;
educational achievement and conditions of public health advance; political institutions shift to incorporate
the new dynamics.
The growing inter-action between the economy and its surrounding culture and institutional arrangements
accumulates in the formation of social capital. Countries with high levels of social capital formation are more
livable, providing for a higher quality of life for individuals and their families; such countries attract
immigrants from societies with low levels of social capital. The quality of social capital accumulation tracks
the moral quality noted in the Second Vatican Ecumenical Council pastoral Constitution, Gaudium et Spes:
the common good is widely understood to be the sum of those conditions of social life which enable groups
and individuals to achieve their fulfillment more completely and readily. (p. 26)
Accordingly, societies with low levels of social capital experience outflows of human capital as well as of
liquid economic wealth. Fulfillment of life goals in these societies is more fitful and transient as a result.
Social capital achievement, therefore, is an aggregate of three subsystems: 1) economic variables, 2)
social/cultural variables, and 3) legal and political institutions.
Since there are no direct measurements of social capital, we have created a Social Capital Achievement
(SCA) score for 180 countries as an approximation of social capital accumulation. The SCA is computed by
first ranking each country on 13 different criteria. A country’s rank in each category is converted into a
percentile reflecting its achievements vis-à-vis other countries. An average ranking for each country is then
calculated of the country’s 13 different percentile rankings and the SCA is a ranking of the overall average.
The economic components for the rankings embrace GDP per capita and sovereign credit ratings. Relevant
cultural variables and social richness are modeled by indices of corruption, economic freedom, political
freedom, civil liberties and human development. Legal and political institutions can be assessed through
measures of, the rule of law, 12-core best practice standards for management of financial institutions and
other governance indicators.
The Path Towards Progress
As measured by the various country indices available, a country’s accumulated social capital is caught in a
static moment of assessment. The time scale is not dynamic, but frozen in time. The indices, therefore, are
not necessarily predictive of future social capital formation.
Under equilibrium conditions, we hypothesize that social/cultural patterns heavily influence legal and
political institutions, which in turn structure incentives, risk/return utility functions, and pricing conditions
for economic activity. Economic activity, with its allocation of risks and returns, in turn tends to sustain
those who embody and articulate the dominant social and cultural patterns of the society.
2
From this point of view, economic development will occur most robustly under favorable legal and
political conditions, which, in turn, will respond to cultural and value-sensitive imperatives, influenced in
their turn by changing economic interests and incentives.
Thus it is possible to trigger a virtuous cycle of cultural initiative, then political accommodation to the new
cultural guidelines, then economic progress in response to new opportunities, and, then to reinforcement of
the facilitating cultural norms. This is the formula for growth advocated by Adam Smith in his Inquiry into
the Causes of the Wealth of Nations and vindicated much more recently by David Landes in his The Wealth
and Poverty of Nations.
Measuring separately the economic, the social/cultural, and the legal/political components of social capital
permits a preliminary assessment to be made of what should be done in a given country to trigger a virtuous
cycle of growth and accumulation of social capital.
Changes can be authored in the legal/political sub-system, but, to do so, something first must happen in the
cultural/social sub-system as a triggering break with the status quo. Then, resulting activity in the economic
sub-system will evidence the effectiveness, or not, of the legal/political reforms undertaken to date.
What often hinders change in the cultural/social sub-system are self-interested elites who, one, benefit
economically from the current equilibrium state of the society, and, two, whose ideas have been adjusted to
legitimate the institutions facilitating their preferential treatment under the status quo. Change agents,
therefore, must arise either out of dissatisfaction within the elite under current conditions or from new
conditions that give members of the elite new but attractive intellectual options with which to think about
political and legal institutions and habits.
Social Capital Achievement Rankings
The following indexes were used to create each country’s Social Capital Achievement ranking. Countries
that had 8 or fewer of the 13 indicators were not included in the overall ranking but are listed separately.
More detailed information on these 13 indexes can be found under the Sources and Notes section on page 6.
The 13 basic indexes are:
PPP - Gross Domestic Product Per Capita in Purchasing Power Parity
HD - United Nation Development Program’s Human Development Index
FREE - Freedom House’s Freedom Index
EF – Fraser Institute’s Economic Freedom of the World
ESF - eStandards Forum's Compliance Summary Index
S & P - Standard & Poor’s Foreign Currency Issuer Ratings
Moody's - Moody’s Foreign Currency Issuer Ratings
VA - World Bank Governance Indicator - Voice and Accountability
GE - World Bank Governance Indicator - Government Effectiveness
RQ - World Bank Governance Indicator - Regulatory Quality
RL - World Bank Governance Indicator - Rule of Law
CC - World Bank Governance Indicator - Control of Corruption
CP - Transparency International’s Corruption Perceptions Index
# - Number of Indices Used in Rakings
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
41
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
Social Capital Achievement
Countries
Netherlands
Finland
Sweden
Australia
United Kingdom
Switzerland
Canada
Iceland
United States
Norway
Luxembourg
Ireland
New Zealand
Austria
Denmark
Germany
Belgium
France
Spain
Singapore
Japan
Portugal
Chile
Italy
Estonia
Malta
Hong Kong, China (SAR)
Hungary
Cyprus
Bahamas
Barbados
Slovenia
Greece
Czech Republic
Israel
Taiwan
Korea, Rep. of
Slovakia
Costa Rica
Mauritius
Poland
Lithuania
Latvia
Kuwait
Botswana
Bahrain
United Arab Emirates
Seychelles
Qatar
Trinidad and Tobago
Uruguay
Oman
Malaysia
South Africa
Mexico
Panama
Croatia
Bulgaria
Grenada
Thailand
Namibia
Belize
Sri Lanka
Brazil
Jamaica
Peru
Guyana
Suriname
Jordan
Tunisia
Romania
El Salvador
Fiji
Saudi Arabia
Mongolia
Macedonia, TFYR
Philippines
SCA
0.9698
0.9660
0.9623
0.9609
0.9565
0.9549
0.9540
0.9508
0.9469
0.9444
0.9436
0.9384
0.9351
0.9323
0.9321
0.9291
0.8979
0.8865
0.8807
0.8669
0.8466
0.8405
0.8143
0.8115
0.8002
0.7965
0.7943
0.7925
0.7855
0.7711
0.7621
0.7609
0.7600
0.7487
0.7436
0.7346
0.7328
0.7052
0.7043
0.7043
0.6999
0.6889
0.6881
0.6715
0.6697
0.6604
0.6552
0.6481
0.6431
0.6305
0.6187
0.6153
0.6101
0.5977
0.5976
0.5929
0.5861
0.5835
0.5722
0.5674
0.5494
0.5370
0.5055
0.5009
0.5008
0.4990
0.4977
0.4959
0.4944
0.4942
0.4921
0.4915
0.4866
0.4807
0.4805
0.4698
0.4641
#
13
13
13
13
12
13
13
12
13
13
13
13
13
13
13
13
13
13
13
13
13
13
13
13
13
12
13
13
12
11
12
13
13
13
13
11
13
13
12
11
13
13
13
12
12
12
12
9
11
12
13
12
13
13
13
12
13
13
9
13
10
11
11
13
12
13
9
11
13
13
13
12
10
12
10
10
13
PPP
0.9714
0.9200
0.9829
0.9771
0.9257
0.9429
0.9543
0.9886
0.9600
0.9943
0.9143
0.9314
0.8857
0.9086
0.9371
0.8971
0.9657
0.9029
0.8914
0.8400
0.9486
0.8686
0.7543
0.8800
0.7657
0.8114
0.8514
0.7829
0.8571
0.7200
0.8457
0.8343
0.8629
0.8171
0.8743
HD
0.9718
0.9266
0.9887
0.9831
0.9322
0.9379
0.9774
0.9605
0.9548
0.9944
0.9153
0.9435
0.8983
0.9209
0.9040
0.8927
0.9661
0.9096
0.8870
0.8588
0.9492
0.8531
0.7571
0.8814
0.7966
0.8249
0.8701
0.7853
0.8305
0.7119
0.8362
0.8475
0.8644
0.8192
0.8757
0.8286
0.7771
0.7600
0.6457
0.8000
0.7429
0.7143
0.7371
0.2857
0.7886
0.7257
0.7943
0.7486
0.6914
0.7714
0.5486
0.6686
0.3657
0.6857
0.6629
0.7314
0.6743
0.4686
0.5771
0.2914
0.6171
0.4343
0.6286
0.5543
0.5314
0.4743
0.5600
0.4857
0.4800
0.5886
0.4000
0.5371
0.5829
0.3314
0.6571
0.5143
0.8418
0.7627
0.7458
0.6384
0.7910
0.7684
0.7175
0.7514
0.2768
0.7740
0.7232
0.8023
0.7345
0.6949
0.7401
0.5819
0.6667
0.3277
0.7006
0.6554
0.7288
0.6836
0.4746
0.5706
0.2881
0.4407
0.4576
0.5932
0.5537
0.5198
0.4124
0.6215
0.4915
0.4802
0.6102
0.4181
0.5424
0.5650
0.3390
0.6610
0.5311
FREE
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.9944
0.3389
0.7889
0.9944
0.9944
0.9944
0.9944
0.9944
0.4611
0.9944
0.9944
0.9944
0.9944
0.9944
0.7889
0.9944
0.7111
0.7889
0.7889
0.9944
0.9944
0.9944
0.9944
0.7111
0.7889
0.3389
0.7111
0.2889
0.1278
0.5556
0.2556
0.5556
0.9944
0.2556
0.4000
0.7889
0.7111
0.7889
0.7111
0.7889
0.7889
0.6222
0.6222
0.7889
0.5556
0.6222
0.6222
0.6222
0.7111
0.7889
0.3389
0.2556
0.6222
0.6222
0.4611
0.0333
0.7111
0.5556
0.6222
EF
0.9106
0.9106
0.8211
0.9431
0.9756
0.9756
0.9431
0.8862
0.9756
0.7073
0.9268
0.9268
0.9756
0.8699
0.8862
0.8211
0.8537
0.6423
0.7480
0.9837
0.7073
0.7805
0.8211
0.7073
0.9106
0.6423
0.9919
0.8211
0.5854
0.4472
0.2358
0.3984
0.6667
0.6667
0.5854
0.8211
0.7480
0.5854
0.7480
0.7805
0.5041
0.6423
0.7073
0.8537
0.8537
0.7480
0.8699
0.7480
0.6423
0.8537
0.5285
0.6423
0.5285
0.7805
0.3252
0.3659
ESF
0.9759
0.8795
0.9398
0.9639
0.9518
0.7590
0.9036
0.9880
0.9036
0.7831
0.9398
0.7590
0.8675
0.5301
0.9398
0.8434
0.8313
0.7108
0.7229
0.8313
0.6627
0.7711
0.8072
0.7952
0.6867
0.8675
0.4940
0.7108
0.6867
0.5301
0.2048
0.7349
0.6506
0.6024
0.6024
0.5783
0.5400
0.6400
0.6400
0.7400
0.7100
0.6400
0.3012
0.2289
0.4096
0.5783
0.6386
0.5542
0.6265
0.5935
0.5041
0.4472
0.3659
0.3984
0.6667
0.6423
0.5041
0.3494
0.7073
0.4472
0.1626
0.7805
0.3659
0.1446
0.3133
0.6145
0.7400
0.5400
0.1800
0.5400
0.6400
0.4800
0.4800
0.3700
0.4800
0.4400
0.0200
0.5400
Moody's
0.9895
0.9895
0.9895
0.9895
0.9895
0.9895
0.9895
0.9895
0.9895
0.9895
0.9895
0.9895
0.9895
0.9895
0.9895
0.7895
0.9895
0.9895
0.9895
0.9895
0.7789
0.5263
0.7789
0.7368
0.5895
0.7368
0.7368
0.6737
0.5895
0.4737
0.7579
0.7368
0.7368
0.6737
0.7579
0.5895
0.6737
0.3579
0.4737
0.6737
0.5895
0.6737
0.6737
0.6737
0.5263
0.7368
0.5895
0.4211
0.0947
0.4737
0.5895
0.5263
0.5263
0.3579
0.4211
0.3579
0.5263
0.0900
0.3855
0.3494
0.4940
0.2530
0.5854
S&P
0.9900
0.9900
0.9900
0.9900
0.9900
0.9900
0.9900
0.7900
0.9900
0.9900
0.9900
0.9900
0.8200
0.9900
0.9900
0.9900
0.8200
0.9900
0.9900
0.9900
0.7900
0.8000
0.7100
0.7900
0.7100
0.7100
0.7400
0.6400
0.7100
0.6400
0.5400
0.7900
0.7100
0.6400
0.6400
0.7900
0.6400
0.6400
0.3700
0.5060
0.3000
0.1800
0.3700
0.2421
0.2421
0.2526
0.0900
0.3700
0.4800
0.4100
0.4100
0.2421
0.2947
0.4737
0.3579
0.4211
0.2947
0.4737
0.7100
0.1800
0.3700
0.3000
0.2421
VA
0.9800
0.9950
0.9900
0.9440
0.9390
0.9750
0.9490
0.9650
0.9090
0.9850
0.9290
0.9190
0.9700
0.8990
1.0000
0.9550
0.9340
0.8840
0.8790
0.6570
0.7930
0.8940
0.8430
0.8380
0.8030
0.8890
0.5350
0.8540
0.7730
0.8690
0.9140
0.8280
0.8130
0.7470
0.6720
0.7420
0.6770
0.7630
0.8480
0.7170
0.8330
0.7370
0.7530
0.4140
0.7120
0.2470
0.3590
0.5610
0.3280
0.6620
0.7780
0.3130
0.4240
0.7070
0.5960
0.6460
0.6360
0.6670
0.7020
0.5710
0.5910
0.7220
0.4800
0.5810
0.6520
0.5760
0.6920
0.5860
0.3840
0.2270
0.6110
0.5150
0.4850
0.0910
0.6310
0.4190
0.5400
GE
0.9900
0.9740
0.9380
0.9280
0.9790
0.9950
0.9480
0.9640
0.9120
0.9330
0.9850
0.8970
0.9590
0.9230
0.9690
0.9180
0.9430
0.9070
0.8920
1.0000
0.8450
0.8400
0.8660
0.8040
0.7470
0.8560
0.8870
0.7420
0.8300
0.8810
0.8710
0.7680
0.7630
0.7370
0.8350
0.8250
0.7940
0.6750
0.6650
0.6960
0.7110
0.7060
0.7220
0.6240
0.7990
0.7530
0.7890
0.5880
0.7320
0.6800
0.6860
0.7270
0.8090
0.6910
0.6190
0.5360
0.6390
0.5620
0.6700
0.6490
0.6290
0.5520
0.5980
0.5000
0.5460
0.3870
0.4740
0.5310
0.6600
0.7160
0.4640
0.3560
0.6030
0.5820
0.5150
0.4480
0.5570
RQ
0.9900
1.0000
0.9690
0.9480
0.9790
0.9330
0.9380
0.9230
0.9120
0.9180
0.9850
0.9430
0.9640
0.9540
0.9740
0.9280
0.8710
0.8560
0.8760
0.9950
0.7890
0.8970
0.9020
0.8350
0.8660
0.8140
0.9070
0.8400
0.8510
0.8610
0.8300
0.7530
0.8250
0.8200
0.7990
0.8090
0.7630
0.7320
0.7270
0.6650
0.7110
0.7940
0.7580
0.6440
0.7470
0.7780
0.7840
0.4640
0.6190
0.7060
0.6700
0.7010
0.6860
0.6910
0.6800
0.6750
0.6240
0.6960
0.6600
0.6550
0.6390
0.5980
0.5880
0.6340
0.6490
0.6290
0.4070
0.2780
0.5820
0.5360
0.5570
0.5620
0.5100
0.5720
0.4900
0.5150
0.5770
RL
0.9480
0.9850
0.9690
0.9540
0.9430
1.0000
0.9380
0.9950
0.9180
0.9740
0.9900
0.9230
0.9640
0.9590
0.9790
0.9280
0.8970
0.8760
0.8450
0.9330
0.8870
0.8610
0.8710
0.7580
0.7470
0.8300
0.8660
0.7890
0.7680
0.8810
0.8920
0.8350
0.7420
0.7320
0.8140
0.8090
0.7780
0.6550
0.7220
0.7840
0.7060
0.6800
0.6750
0.7530
0.7270
0.7940
0.8040
0.6860
0.7730
0.6440
0.6910
0.7630
0.6960
0.5980
0.5210
0.5570
0.5880
0.5670
0.6190
0.6240
0.6700
0.5620
0.6080
0.5000
0.4590
0.4070
0.4230
0.4690
0.6290
0.6130
0.5410
0.3970
0.4540
0.6650
0.6490
0.4430
0.3810
CC
0.9640
1.0000
0.9790
0.9380
0.9430
0.9690
0.9590
0.9740
0.9230
0.9480
0.9540
0.9180
0.9900
0.9330
0.9850
0.9280
0.9120
0.8920
0.8970
0.9950
0.8510
0.8810
0.9070
0.7630
0.7420
0.7680
0.9020
0.7370
0.7990
0.8870
0.8560
0.8040
0.7320
0.6860
0.8350
0.7730
0.6650
0.6490
0.7940
0.7220
0.6910
0.6440
0.6080
0.8300
0.7530
0.8200
0.8400
0.7110
0.8140
0.5720
0.7580
0.8250
0.6800
0.6750
0.5210
0.5100
0.6390
0.5260
0.7470
0.5360
0.6290
0.5000
0.5460
0.5670
0.3920
0.5150
0.3810
0.6240
0.5930
0.6700
0.4540
0.3660
0.6130
0.7270
0.5410
0.2940
0.3760
CP
0.9315
0.9932
0.9589
0.9384
0.9247
0.9521
0.9178
0.9795
0.8836
0.9452
0.9110
0.8836
0.9863
0.9110
0.9795
0.8973
0.8836
0.8493
0.8493
0.9658
0.8356
0.8151
0.8630
0.7123
0.7877
0.8288
0.8904
0.7123
0.7534
0.8562
0.7877
0.6644
0.6507
0.8219
0.7603
0.6781
0.6096
0.7192
0.6301
0.5411
0.6986
0.6096
0.6986
0.7877
0.7671
0.8014
0.6712
0.7397
0.6507
0.8082
0.8014
0.7329
0.6986
0.5616
0.5753
0.5411
0.6301
0.5616
0.6301
0.5890
0.5411
0.5959
0.4932
0.5411
0.6644
0.7466
0.7329
0.4041
0.6507
0.5137
0.4178
0.3356
0.3014
4
Rank
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
Countries
India
Ghana
Turkey
Armenia
Morocco
Colombia
China
Senegal
Dominican Republic
Egypt
Argentina
Albania
Russian Federation
Madagascar
Gabon
Bosnia and Herzegovina
Nicaragua
Lebanon
Cuba
Honduras
Benin
Moldova, Rep. of
Guatemala
Kazakhstan
Mali
Bolivia
Nepal
Uganda
Ukraine
Papua New Guinea
Burkina Faso
Tanzania, U. Rep. of
Iran, Islamic Rep. of
Georgia
Venezuela
Ecuador
Indonesia
Belarus
Zambia
Viet Nam
Malawi
Algeria
Kyrgyzstan
Cambodia
Syrian Arab Republic
Mozambique
Gambia
Occupied Palestinian Territories
Libyan Arab Jamahiriya
Paraguay
Kenya
Azerbaijan
Pakistan
Eritrea
Bangladesh
Niger
Yemen
Ethiopia
Togo
Tajikistan
Rwanda
Uzbekistan
Guinea-Bissau
Congo
Nigeria
Côte d'Ivoire
Turkmenistan
Sierra Leone
Chad
Cameroon
Central African Republic
Sudan
Zimbabwe
Haiti
Burundi
Angola
Myanmar
Congo, Dem. Rep. of the
SCA
0.4531
0.4370
0.4313
0.4265
0.4116
0.4107
0.4016
0.3990
0.3974
0.3880
0.3872
0.3869
0.3865
0.3832
0.3680
0.3548
0.3544
0.3477
0.3415
0.3380
0.3359
0.3293
0.3259
0.3241
0.3223
0.3202
0.3200
0.3184
0.3166
0.2943
0.2938
0.2909
0.2890
0.2877
0.2867
0.2864
0.2855
0.2828
0.2792
0.2784
0.2783
0.2730
0.2726
0.2718
0.2677
0.2665
0.2651
0.2608
0.2573
0.2520
0.2409
0.2408
0.2374
0.2358
0.2172
0.2140
0.2119
0.2114
0.2036
0.1767
0.1713
0.1702
0.1699
0.1676
0.1553
0.1543
0.1522
0.1494
0.1457
0.1388
0.1339
0.1150
0.1105
0.1092
0.0938
0.0926
0.0721
0.0416
#
13
12
13
9
13
13
13
11
13
13
13
10
13
11
10
10
11
12
10
12
11
10
13
12
11
13
10
10
13
12
9
11
11
9
13
13
13
9
10
12
10
11
9
9
11
10
9
9
9
12
11
9
13
9
11
10
9
9
9
9
9
10
9
10
11
11
10
10
10
11
9
9
10
10
9
9
10
10
PPP
0.2743
0.2629
0.4514
0.4286
0.2800
0.6343
0.4057
0.1086
0.4629
0.3143
0.8057
0.4571
0.6400
0.1486
0.3257
0.6229
0.3086
0.5257
0.7029
0.3429
0.0914
0.3829
0.3200
0.5657
0.0171
0.3486
0.1829
0.1600
0.5714
0.2457
0.0114
0.0857
0.3943
0.4971
0.6057
0.4457
0.3600
0.6971
0.0686
0.3771
0.0743
0.3886
0.4171
0.2571
0.3714
0.0286
0.1371
0.4400
0.6514
0.5200
0.1657
0.4914
0.1771
0.1143
0.2057
0.0057
0.1543
0.0343
0.1943
0.3543
0.0971
0.4229
0.0514
0.2000
0.1314
0.0800
0.5029
0.0000
0.0571
0.1886
0.0400
0.2114
0.1714
0.1429
0.0229
0.0629
0.2514
0.0457
HD
0.2825
0.2599
0.5028
0.5367
0.2938
0.5876
0.4689
0.1130
0.4463
0.3220
0.8079
0.6328
0.6780
0.1525
0.3107
0.6271
0.3333
0.5480
0.7062
0.3503
0.0904
0.3616
0.3164
0.5593
0.0169
0.3559
0.2090
0.1751
0.6045
0.2486
0.0113
0.0847
0.4294
0.4520
0.6158
0.4350
0.3729
0.6497
0.0734
0.3672
0.0678
0.3898
0.3785
0.2655
0.4011
0.0339
0.1243
0.4237
0.6723
0.4972
0.1638
0.4859
0.1977
0.1186
0.2203
0.0056
0.1582
0.0395
0.1921
0.3446
0.1017
0.3955
0.0282
0.1864
0.1469
0.0791
0.5141
0.0000
0.0565
0.2034
0.0452
0.2147
0.1695
0.1356
0.0226
0.0621
0.2542
0.0508
FREE
0.6222
0.7111
0.5556
0.3389
0.3389
0.4000
0.0833
0.6222
0.7111
0.2556
0.7111
0.5556
0.2556
0.5556
0.3389
0.4611
0.5556
0.2556
0.0333
0.5556
0.7111
0.4611
0.4000
0.2556
0.7111
0.5556
0.2889
0.3389
0.4611
0.5556
0.3389
0.4611
0.1278
0.4611
0.4611
0.5556
0.4611
0.0833
0.4000
0.0833
0.4000
0.2556
0.2556
0.2556
0.0333
0.4611
0.4000
0.1278
0.0333
0.5556
0.5556
0.2556
0.2556
0.0833
0.4000
0.5556
0.2889
0.2889
0.2556
0.2556
0.2556
0.0833
0.4000
0.3389
0.4000
0.1278
0.0333
0.4611
0.2556
0.1278
0.2556
0.0333
0.0833
0.0833
0.2889
0.2556
0.0333
0.1278
EF
0.4472
0.4472
0.1870
ESF
0.3976
0.2410
0.4699
S&P
0.4100
0.2500
0.3000
Moody's
0.4211
0.3252
0.1301
0.2683
0.3008
0.5854
0.3984
0.3008
0.2683
0.0732
0.1870
0.0894
0.1687
0.3855
0.1928
0.3700
0.3700
0.5400
0.2500
0.0200
0.4100
0.0200
0.3579
0.2947
0.6737
0.4400
0.1800
0.4211
0.0964
0.3855
0.4217
0.4458
0.5041
0.1687
0.5041
0.1626
0.2651
0.5041
0.2169
0.5542
0.2358
0.5285
0.2358
0.5854
0.1301
0.2358
0.0900
0.2421
0.0947
0.3579
0.0526
0.0947
0.0526
0.1579
0.0526
0.1579
0.2500
0.0964
0.4458
0.3000
0.4400
0.1800
0.0900
0.2500
0.1800
0.1800
0.0526
0.2947
0.4211
0.0947
0.2421
0.2421
0.4472
0.3659
0.1205
0.0241
0.0407
0.2358
0.3008
0.2892
0.2892
0.4699
0.1800
0.0900
0.2500
0.1579
0.0526
0.1579
0.0482
0.3000
0.2421
0.5854
0.1870
0.0407
0.0602
0.2358
0.1626
0.0000
0.1800
0.3984
0.5041
0.0723
0.2683
0.3253
0.3252
0.1301
0.1084
0.0900
0.0526
0.2500
0.1579
0.0894
0.1301
0.1325
0.0488
0.0650
0.2683
0.3008
0.1807
0.0120
0.1579
0.0976
0.1626
0.0482
0.0244
0.0081
0.3659
0.0650
0.0000
0.0163
0.0300
VA
0.6060
0.5050
0.3640
0.3690
0.4040
0.3080
0.1010
0.5300
0.5660
0.2220
0.5250
0.4950
0.3380
0.4900
0.3740
0.4390
0.5200
0.3180
0.0300
0.4600
0.5100
0.4090
0.3540
0.1770
0.5510
0.5000
0.3330
0.2420
0.2780
0.4650
0.4290
0.3790
0.1820
0.3990
0.3890
0.4750
0.3480
0.0760
0.3940
0.1060
0.2980
0.2020
0.1970
0.3030
0.0560
0.4340
0.1870
0.1720
0.0450
0.3230
0.2830
0.1920
0.1570
0.0100
0.2930
0.4490
0.2170
0.1460
0.1210
0.2120
0.0860
0.0510
0.2580
0.1620
0.2630
0.1160
0.0250
0.2880
0.2070
0.1670
0.2370
0.0400
0.0710
0.1520
0.1410
0.0960
0.0150
0.0200
GE
0.5410
0.5930
0.5050
0.4120
0.6130
0.4540
0.6340
0.5210
0.4180
0.4690
0.3760
0.3810
0.4430
0.4590
0.3970
0.1490
0.1750
0.4330
0.4900
0.2730
0.3140
0.3040
0.3200
0.2160
0.1910
0.3450
0.3660
0.4380
0.2630
0.2370
0.2780
0.3610
0.3920
0.2530
0.1030
0.1340
0.3400
0.1290
0.1440
0.4850
0.2840
0.3250
0.2060
0.3350
0.3300
0.4280
0.2110
0.1240
0.1800
0.0720
0.1860
0.1390
0.3710
0.4070
0.3510
0.2320
0.1700
0.1600
0.0930
0.0880
0.2010
0.1190
0.0620
0.0820
0.1080
0.1550
0.0360
0.0260
0.2580
0.3090
0.0460
0.1130
0.2220
0.0210
0.0410
0.0980
0.0770
0.0150
RQ
0.4380
0.4480
0.5670
0.5930
0.5520
0.5310
0.4020
0.4690
0.5000
0.3810
0.1960
0.4120
0.4430
0.4540
0.4850
0.1800
0.3970
0.3710
0.1080
0.4180
0.3200
0.4950
0.5210
0.2420
0.3610
0.5050
0.3560
0.5410
0.2840
0.3870
0.4790
0.3350
0.0820
0.2160
0.3450
0.3040
0.2630
0.0360
0.2990
0.2530
0.4280
0.3400
0.3760
0.3920
0.1650
0.2680
0.3300
0.1440
0.0460
0.3140
0.3510
0.2220
0.2270
0.1240
0.1390
0.2580
0.2890
0.1550
0.2730
0.0770
0.1750
0.0570
0.1910
0.1600
0.1130
0.4230
0.0100
0.0720
0.1340
0.1860
0.2320
0.1190
0.0410
0.1700
0.0980
0.0670
0.0210
0.0310
RL
0.5720
0.5360
0.5520
0.4180
0.5930
0.2680
0.5150
0.5260
0.4280
0.5770
0.2780
0.1750
0.2530
0.5310
0.5050
0.1910
0.3200
0.5100
0.1650
0.2370
0.4330
0.3920
0.2160
0.1860
0.3450
0.3250
0.3760
0.2110
0.2470
0.2270
0.3400
0.3870
0.3350
0.0980
0.1340
0.3300
0.2320
0.1130
0.3560
0.4480
0.4640
0.3510
0.2220
0.2010
0.4380
0.2990
0.3710
0.4950
0.1800
0.1190
0.1390
0.2420
0.2840
0.3610
0.2630
0.2580
0.0770
0.4120
0.2890
0.0670
0.1440
0.1030
0.1550
0.0820
0.0520
0.0880
0.1080
0.0720
0.1700
0.0620
0.1960
0.0460
0.0570
0.0100
0.0360
0.0310
0.0210
0.0050
CC
0.4950
0.4280
0.4380
0.3040
0.5820
0.3870
0.4230
0.5310
0.4330
0.4790
0.2780
0.2320
0.2110
0.6190
0.3610
0.3450
0.3970
0.4590
0.5520
0.2730
0.3400
0.2160
0.3090
0.1080
0.4640
0.2530
0.4690
0.1910
0.1750
0.2060
0.5770
0.1550
0.4430
0.1240
0.1860
0.1440
0.0670
0.2680
0.1700
0.3300
0.1960
0.3140
0.2370
0.2010
0.4740
0.1490
0.2420
0.1600
0.2470
0.0410
0.1130
0.0980
0.2990
0.6030
0.0770
0.0820
0.3200
0.4480
0.3250
0.1030
0.3510
0.1190
0.3350
0.1800
0.0310
0.2270
0.0460
0.2580
0.1290
0.0880
0.1290
0.0930
0.0620
0.0050
0.1290
0.0720
0.0210
0.0150
CP
0.3836
0.5616
0.4726
0.4384
0.4726
0.5890
0.5137
0.4178
0.4041
0.4726
0.2603
0.2603
0.3836
0.4384
0.4932
0.4384
0.3356
0.3356
0.5753
0.2192
0.4726
0.2192
0.1644
0.1644
0.4726
0.1644
0.3836
0.3014
0.1644
0.3014
0.3836
0.4041
0.0890
0.2192
0.2329
0.0890
0.4932
0.3014
0.3014
0.3836
0.3356
0.1644
0.5137
0.3836
0.3836
0.2603
0.2603
0.0411
0.1164
0.0411
0.1164
0.3014
0.0068
0.1644
0.2329
0.2192
0.0890
0.2192
0.2192
0.0137
0.0890
0.0890
0.2192
0.0274
0.1164
0.1644
0.2192
0.0068
0.0890
0.0274
0.0890
5
Countries
Dominica
Antigua and Barbuda
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the
Grenadines
Samoa (Western)
Brunei Darussalam
Cape Verde
Maldives
Sao Tome and Principe
Bhutan
Lesotho
Vanuatu
Tonga
Mauritania
Serbia and Montenegro
Solomon Islands
Swaziland
Timor-Leste
Comoros
Djibouti
Guinea
Equatorial Guinea
Lao People's Dem. Rep.
Iraq
SCA
0.7120
0.7050
0.6950
0.6600
#
8
8
8
8
PPP
0.6114
0.6800
0.7086
0.5943
HD
0.4633
0.6893
0.7797
0.5989
FREE
0.9944
0.7111
0.7889
0.7889
0.6507
0.6394
0.6380
0.5845
0.5376
0.4480
0.4214
0.4209
0.4199
0.3879
0.3712
0.3296
0.3049
0.2962
0.2920
0.2555
0.2324
0.2084
0.1360
0.1349
0.0406
8
8
8
8
8
8
8
8
8
7
8
8
8
8
7
8
8
8
8
8
7
0.5429
0.6000
0.8229
0.4114
0.5086
0.3029
0.2229
0.2171
0.2686
0.5085
0.5763
0.8136
0.4068
0.5254
0.3051
0.2429
0.1808
0.2712
0.6441
0.1412
0.7889
0.7111
0.2556
0.9944
0.2556
0.7111
0.2556
0.6222
0.7111
0.4000
0.2556
0.6222
0.5556
0.1278
0.5556
0.4000
0.2889
0.2556
0.0833
0.0833
0.1278
0.1200
0.2971
0.2400
0.2343
0.1257
0.1029
0.3371
0.2286
0.2994
0.2260
0.1073
0.2316
0.1299
0.0960
0.3842
0.2373
EF
ESF
S&P
0.2500
Moody's
VA
0.8080
0.5450
0.7830
0.7980
GE
0.6550
0.7010
0.5670
0.5670
RQ
0.7370
0.7160
0.6030
0.6030
RL
0.7160
0.8200
0.6340
0.6340
CC
0.7110
0.7780
0.6960
0.6960
0.7880
0.6970
0.2320
0.6160
0.2530
0.6410
0.1360
0.4550
0.7320
0.4700
0.2730
0.4440
0.6010
0.1310
0.5560
0.3430
0.2680
0.1260
0.0810
0.0350
0.0050
0.5670
0.6440
0.8200
0.5100
0.7580
0.2890
0.8140
0.4950
0.2940
0.2940
0.5260
0.2680
0.0670
0.4020
0.2420
0.1960
0.1650
0.2470
0.0570
0.2270
0.0100
0.6030
0.5260
0.8040
0.4740
0.7420
0.4330
0.3090
0.3660
0.2010
0.2010
0.5460
0.2940
0.0930
0.4590
0.0880
0.1490
0.2320
0.2110
0.0520
0.1030
0.0000
0.7110
0.7990
0.7010
0.6030
0.6600
0.4020
0.5820
0.5460
0.4790
0.3040
0.4740
0.1600
0.3040
0.2940
0.1240
0.2060
0.3660
0.2730
0.0930
0.1290
0.0150
0.6960
0.5620
0.6550
0.6600
0.5980
0.5000
0.8090
0.4850
0.4020
0.4020
0.6340
0.2630
0.2220
0.4900
0.3710
0.2840
0.2840
0.3560
0.0000
0.0360
0.0100
CP
0.3356
0.1164
Sources and Notes for the Social Capital Achievement Ratings
PPP - Gross Domestic Product Per Capita in Purchasing Power Parity - World Bank - World Development
Indicators 2003
GDP per capita PPP involves the use of standardized international dollar price weights, which are
applied to the quantities of final goods and services produced in a given economy.
HD - United Nation Development Program’s Human Development Index 2002
Measures a country’s achievements in three aspects of human development: longevity, knowledge,
and standard of living.
FREE - Freedom House’s Freedom Index 2005
An evaluation of political rights and civil liberties by a standard emphasizing the importance of
democracy and freedom.
EF – Fraser Institute’s Economic Freedom of the World 2004
Measures the degree of economic freedom present in five major areas: size of government:
expenditures, taxes and enterprises; legal structure and security of property rights; sound money;
freedom to trade with foreigners; and regulations of credit, labor and business.
ESF - eStandards Forum's Compliance Summary Index (March 2005)
Provides a snapshot of a country's overall compliance with the twelve internationally recognized
standards of best practices in key policy areas.
S & P - Standard & Poor’s Foreign Currency Issuer Ratings & Moody's - Moody’s Foreign Currency Issuer
Ratings (March 2005)
Country risk considerations are a standard part of an analysis for credit ratings on any issuer or issue.
Currency of repayment is a key factor in this analysis. An issuer's capacity to repay foreign currency
obligations may be lower than its capacity to repay obligations in its local currency. These sovereign
risk considerations are incorporated in the debt ratings assigned to specific issues. Foreign currency
issuer ratings are also distinguished from local currency issuer ratings to identify those instances
where sovereign risks make them different for the same issuer.
World Bank Governance Indicators 2002: VA - Voice and Accountability, GE - Government Effectiveness,
RQ - Regulatory Quality, RL - Rule of Law, CC - Control of Corruption
These indicators attempt to capture how governments are selected, monitored, and replaced; a
government’s capacity to formulate and implement sound policies; and the respect of citizens and the
state for the institutions that govern them.
CP - Transparency International’s Corruption Perceptions Index 2004
Ranks countries in terms of the degree to which corruption is perceived to exist among public
officials and politicians.