In recent decades, the concept of social capital has had an enormous impact on the social scientific debate. Despite its vagueness, the concept expresses a distinction that is of significance for the maintenance and depth of democracy. At the same time, the overarching thesis put forward concerning the fundamental role of associations and social networks in the creation of social capital is not convincing. In this article the role of universal institutions, and primarily of one such institution, the general school system, in creating social capital is emphasized. The discussion gradually homes in on Swedish society and the changes it has undergone in recent decades. The term "universal institution" with reference to the Swedish compulsory school system is examined. (Contains 28 footnotes.)