The social capital literature has focused on the functional and structural properties of social relations, partially neglecting the way in which they are experienced by individuals. Drawing on anthropological and social theory, this article distinguishes two ideal-typical forms of social capital — reciprocity and trust — based on the meaning of the social relations that embed them. Reciprocity is the type of social capital embedded within personal relations, triply defined in the factual, social and temporal dimensions by co-presence, reciprocity and memory, respectively. Trust is the type of social capital embedded within relations with strangers, defined by the condition of impersonality or anonymity. These two types of social capital cannot be reduced to extremes in a continuum, nor are they fungible, and while reciprocity is by definition particularistic (this is the source of its strength as a linking mechanism), trust has a universalistic potential. Analytical and empirical implications of this distinction are outlined.
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