Inside Korea’s Social Impact

  [Editor’s Note🖍] Korea’s social solidarity economy (often referred to as the social economy) is frequently described as “meaningful work.” Yet behind that phrase lie many practical challenges that are not easily visible. Organizations and individuals who place social value at the center of their work often find themselves navigating constant choices between the market and institutional systems.   This article is the second interview with Seonguk Jeon, CEO of the social venture Soact Co., Ltd. He is also a member of SE-ACT, which was introduced in the previous interview.   In this conversation, Jeon shares challenges and concerns drawn from his own experiences as well as from observing the field up close. He speaks calmly about the gap between social value and consumers, concerns around stability and sustainability, and how younger generations view the social economy in Korea.   Rather than portraying the social solidarity economy as an idealized model,...

  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...

  Over the past half-century, Korea has achieved remarkable economic growth. Yet behind this success lie a number of emerging challenges — inequality, environmental degradation, rural decline, and the growing issues of low birthrate and an aging population.   These problems are too complex to be solved by the government or large corporations alone. As awareness of this reality spread, new groups of people began to explore innovative ways to address social problems. They are the social innovators .   Social Economy vs. Social Ventures   Korea’s social economy can be broadly categorized into five types: cooperatives , village enterprises , social enterprises , self-sufficiency enterprises , and social ventures. These organizations all pursue both profit and purpose — creating social value through business activities.   Among them, social ventures stand out. Unlike traditional social economy organizations such as cooperatives or village enterprise...