Salomon Brothers is proud to sponsor innovations that can improve the economic prospects of millions of people. Social Capital Network is a non-profit organization that is managing and administering the The Favor Project.
Background and History
Favors are part of the informal economy. The United Nations estimates that 60% to 70% of the world population participates in the informal economy and the informal economy makes up 20% to 30% of world GDP. That means it accounts for as much of $26.1 Trillion US Dollars of a $87.2 Trillion World GDP (2017). Research on the informal economy is challenging due to lack of structure and data.
A favor is an act that is done at the request of a person for which the actor receives no compensation or no guaranty their kindness will be reciprocated.
Favors are a form of social capital and a special type of barter. Favors are found in every culture worldwide. They are a characteristic of humanity and have been in use for all of recorded history well before money was created.
165 Million physical certificates representing a right to a favor will be distributed to people worldwide - in 45 countries. These Favor certificates will expand favor activity by giving them physical form. This increases velocity of favor transactions, by eliminating frictions that limit their use. Key design factors achieved by giving them physical form are: (i) expanding the social network beyond the individual; (ii) making favors fungible; (iii) improving favors ability to cross borders.
Data collected over time will be analyzed by researchers and used to better understand this important part of the informal economy. We anticipate major insights that impact the fields of economics, public policy, healthcare, international relations, psychology, religion, law, sociology and others.
The Favor Project will benefit disadvantaged groups that historically have had limited social networks.
Volunteer and Support
We welcome volunteers who want to participate. Our goal is to expand the human capacity for goodness. This project will touch over 400 million people in at least 45 countries. And an additional goal is researchto improve such human activities. There are volunteer opportunities worldwide in distribution, data collection and research. We need volunteers in every continent and every region of the world. We are especially interested in masters degree candidates and PhD candidates or post-docs in economics and other social sciences and statistics. We also welcome those who want to join our advisory board. Furthermore, we are seeking alliances with organizations whose mission aligns with ours.
Already dozens of people have expressed interest in helping. We need many more.
You can reach the operational team at Social Capital Network by using the contact form below.
Even if you cannot volunteer now - please reach out to us with expressions of support to endorse this worthy project. This helps boost the spirits of our volunteers.