One of the main reasons the social economy has grown so rapidly in South Korea is because it was driven by government initiatives. Social economy enterprises pursue values while also competing in the general market economy. Without government support, rapid growth is difficult. Recognizing this, the Korean government has continued to provide various forms of support to ensure that the social economy can operate and grow sustainably.   Ironically, however, South Korea still does not have a Framework Act on the Social Economy.   In South Korea, discussions on enacting a Basic Law for the Social Economy have been ongoing for years.(Photo by Milly)  What Is Included in the Framework Act on the Social Economy?   The Framework Act on the Social Economy includes essential legal foundations aimed at promoting the social economy. The currently proposed bills include key provisions such as: 👉 Establishing a basic development plan for the social economy 👉Conductin...

Ongoing discussions on adopting the term 'Social Solidarity Economy'. This photo was taken earlier this year at a local event explaining the shift in terminology.(Photo by Milly)  In South Korea, the term “social economy” has been widely used for many years. However, in recent times, there has been an active movement to replace this commonly used term with “social solidarity economy,” and this change is gradually taking root in the field.   Why change the name to “social solidarity economy”?   This shift in terminology stems from a desire to broaden the scope of meaning embedded in the words themselves. Traditionally, the term “social economy” referred to economic systems that create social value   primarily including social enterprises, cooperatives, village enterprises, self-support businesses, and social ventures. Because of this, its role was often perceived as somewhat limited.   In particular, Korea’s social economy has largely developed under ...

  The largest number of social economy enterprises in South Korea are concentrated in Seoul and the surrounding Gyeonggi Province. This is naturally due to the large population and economic activity in these regions.   Today, we’ll explore the unique development of Seoul’s social economy and why Seongsu-dong and Bulgwang-dong have become key hubs.   ❓Why Seongsu and Bulgwang?   Seoul’s social economy ecosystem has grown in a somewhat unique way it evolved based on specific regions. Among them, Seongsu and Bulgwang stand out as leading districts. The main difference lies in the people involved:   ✔Seongsu is mostly led by young changemakers   ✔Bulgwang is home to experienced entrepreneurs with diverse backgrounds.   A major reason these two districts became hubs is access to space. In South Korea, launching a startup typically requires an office, but affordable spaces in well-connected locations are rare especially for small or mis...