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This article attempted to establish a close relationship between governance and social capital in the context of the welfare state. Through this process, it confirmed that social capital is a condition which the governance of welfare is successful. Concretely, social capital would be a instrument of promoting interdependency, reciprocity, and trust that are integral factors for the formation of networks and partnerships and facilitating the participation of stakeholders in relation to welfare governance. In particular, social capital is important in that it provides the governance of welfare with an basis of solving collective problems. In regard to welfare governance the value of social capital is as follows: 1) formation of networks and partnerships, 2) fostering of trust and participation, 3) creation of collective action.