Social trust forms a major component of current conceptions of social capital and as such has been attributed a significant role in providing the social context for the emergence and maintenance of stable, liberal democratic polities and effective economies. Its role in these processes has in turn been generalized to post-communist societies in East-Central Europe undergoing ‘dual transitions’ from authoritarian states with command economies to democratic free-market societies. In this article, however, it is shown that the relations between trust and democratization in East-Central Europe imply a rather different ‘top-down’ process, in which levels of trust reflect rather than influence the effectiveness of political and economic institutions. This calls into question the generalization of models developed in democratic societies to the post-communist context and provides the basis for an alternative understanding of the process of social capital formation.