Previously disregarded factors are now included in development theory and practice. A narrow understanding of capital has had profound effects on development as well as on tourism policy and governance. In this framework, purpose-designed tourism for development has been the exception. Contemporary ideas of other forms of capital playing a key role in a broader concept of development are examined, specifically the central function of human and social-institutional capital. Human capital is seen in the light of capabilities, attributes, and knowledge possessed by individuals. Social-institutional capital may empower individuals as it refers to the value of trust and cooperation deriving from formal and informal sets of behavioral rules. This chapter clarifies the foundations of tourism as an instrument for development if tourism policy and governance are designed and implemented within an adequate framework.
Fayos-Solà, E., Fuentes Moraleda, L. and Isabel Muñoz Mazón, A. (2014), "Key Factors for Development", Tourism as an Instrument for Development: A Theoretical and Practical Study (Bridging Tourism Theory and Practice, Vol. 5), Emerald Group Publishing Limited, pp. 29-54. https://doi.org/10.1108/S2042-144320140000006011Download as .RIS
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