Reciprocity is one of the defining features of social exchange and social life, yet exchange theorists have tended to take it for granted. Drawing on work from a decade-long theoretical research program, I argue that reciprocity is structured and variable across different forms of exchange, that these variations in the structure of reciprocity have profound effects on the emergence of integrative bonds of trust and solidarity, and that these effects are explained and mediated by a set of risk- and conflict-based processes. I discuss the consequences of this work for organizational theories of embeddedness and the production of social capital through network ties. Finally, I ask how the structure of networks and the structure of reciprocity are related to one another, and explore possible implications of the structure of reciprocity for exchange theorists' assumptions about actor motivations. (Contains 3 figures and 5 footnotes.)