Measuring Social Value in Korea’s Social Economy (Part 1)
Around the world, social economy organizations don’t simply pursue profit. Instead, they aim to create a positive impact on people, communities, and the environment. For instance, they provide jobs for marginalized groups like the elderly or people with disabilities, or run sustainable businesses that protect the environment. These are all common activities carried out by social economy organizations. Discussions on how to measure the impact and value of social economy enterprises continue to evolve.(Photo by Milly) But can we actually see the positive impact they create? Most social economy organizations say they strive to employ people, protect the environment, and improve communities. But in reality, explaining exactly who they impacted, how, and to what extent, is not so simple. This is why in Korea, “impact measurement” has recently drawn attention. Korea’s social economy has largely developed under public sector leadership. As a result, many organizations have relied o...