development serves to create social capital as it promotes coordination and collaboration and allows communities to facilitate opportunities that enhance community
spirit. Meanwhile, tourism-related cultural capital refers to the tangible and intangible manifestations of the destination community’s historical and contemporary
achievements: Tangible cultural capital refers to cultural heritage in the form of
historic buildings or works of art, while intangible capital is evident in events such as
festivals or within the traits of a particular lifestyle (Sharpley 2009).
4.4.2 Human Capital
Human capital in tourism concerns the levels of knowledge, education and skills
present in the destination population that serve to contribute to the development of
tourism (Bennett et al. 2012, p.8).
4.4.3 Environmental Capital
Environmental capital refers to the natural resources of an ecosystem. In many cases
this is the essence of the tourism experience, and, as such, it is vital that this resource
is sustained as part of tourism policy. It includes not just the natural environment but
also the built environment, which may include iconic buildings and constructions or
a general infrastructure that is pleasant and adequately maintained.
4.4.4 Economic (Financial) Capital
Economic capital is necessary for tourism development as it supports the processes
necessary to improve education, training, infrastructure, planning, promotion and the
maintenance of environmental and cultural resources (Bennett et al. 2012). Without
the requisite financial resources, tourism authorities are unable to operationalize their
strategies and compete with alternative locations.
4.4.5 Political Capital
A destination’s political capital determines the extent of power it holds in relation to
external actors, and, as such, it ultimately decides which authority controls the future
development of the destination. Consequently, local tourism authorities able to
exploit political capital are generally able to direct development, whereas those
unable to utilise this resource tend to be undermined and governed by state or
national bodies (Sharpley 2009).
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M. Speakman and A. D. Garay
spirit. Meanwhile, tourism-related cultural capital refers to the tangible and intangible manifestations of the destination community’s historical and contemporary
achievements: Tangible cultural capital refers to cultural heritage in the form of
historic buildings or works of art, while intangible capital is evident in events such as
festivals or within the traits of a particular lifestyle (Sharpley 2009).
4.4.2 Human Capital
Human capital in tourism concerns the levels of knowledge, education and skills
present in the destination population that serve to contribute to the development of
tourism (Bennett et al. 2012, p.8).
4.4.3 Environmental Capital
Environmental capital refers to the natural resources of an ecosystem. In many cases
this is the essence of the tourism experience, and, as such, it is vital that this resource
is sustained as part of tourism policy. It includes not just the natural environment but
also the built environment, which may include iconic buildings and constructions or
a general infrastructure that is pleasant and adequately maintained.
4.4.4 Economic (Financial) Capital
Economic capital is necessary for tourism development as it supports the processes
necessary to improve education, training, infrastructure, planning, promotion and the
maintenance of environmental and cultural resources (Bennett et al. 2012). Without
the requisite financial resources, tourism authorities are unable to operationalize their
strategies and compete with alternative locations.
4.4.5 Political Capital
A destination’s political capital determines the extent of power it holds in relation to
external actors, and, as such, it ultimately decides which authority controls the future
development of the destination. Consequently, local tourism authorities able to
exploit political capital are generally able to direct development, whereas those
unable to utilise this resource tend to be undermined and governed by state or
national bodies (Sharpley 2009).
46
M. Speakman and A. D. Garay