Inside Korea’s Social Impact

“Social and Solidarity Economy,” a term increasingly seen in promotional materials. In South Korea, a shift in terminology usage is becoming visible.(Photo by Milly)    I have previously written a post outlining the differences between the terms “social economy” and “social and solidarity economy.”   In that earlier piece, I focused mainly on comparing the two concepts — how they differ conceptually and in what contexts each term has been used.   👉Related post The Shift in Terminology: From “Social Economy” to “Social Solidarity Economy”   What I want to write about today is not another attempt to redefine these terms. Rather, this post is a declaration of which term I will choose to use in this blog going forward.   The term “social economy” has played an important role in Korean society. It has functioned as the language of policy and institutions, and as a bridge connecting the public sector and the market. It has allowed social enterpri...

A file distributed by a cooperative: The social and solidarity economy, which must generate both value and profit, may face short-term challenges, but it is meaningful because it can help ensure the long-term sustainability of society.(Photo by Milly)    In Korea, the social economy is still viewed through a wide range of perspectives. Among them, the business-value perspective understands the social economy not as simple welfare work or civic activity , but as a business model that solves social problems and creates social value . This viewpoint highlights that social economy organizations can generate sustainable economic outcomes while contributing to local communities and addressing social issues.   👉 Combining Social Value and Economic Profit   As I have explained several times on this blog, social economy organizations aim not only to generate profit but also to solve social problems and maintain economic stability at the same time. For example, a s...

  Korea’s intermediary organizations in the social economy work closely with field enterprises to drive their growth and development. (Photo by Milly) Korea’s social economy has long grown under the leadership of the central government. With the enactment of the Social Enterprise Promotion Act (2007) and the Framework Act on Cooperatives (2012), the social economy was formally institutionalized. More recently, the Act on the Fostering and Support of Village Enterprises was passed, further expanding its scope.   Today, the social economy is gaining attention not merely as a job creation policy, but as a key driver of sustainable regional development and a viable alternative for solving social problems.   The Shift Toward Local-Led Change and the Emergence of Intermediary Organizations   The center of gravity in Korea’s social economy is shifting — from the central government to local communities and the private sector. Each region has begun to build its...