This is the final report from the Canadian Policy Research Initiative, from its social capital project. The project asked: What is social capital? Who benefits - and who does not? Is there a role for government? It examined the potential of the concept of social capital to inform policy development and evaluation. The report offers a clear framework for the analysis of the concept, identifies policy and program areas where social capital makes a difference, and offers a strategic set of recommendations for testing new approaches, improved measurement, and policy action. (September 2005)