Report on Korea Social Economy

Category: 
Local Government
Asia
Class: 
Public Policy / Legal Framework

Korea Social Enterprise Promotion Agency  (KoSEA) was established in December 2010 with the mission of developing flourishing ecosystems for the social economy in Republic of Korea under Article 20 of the Social Enterprise Promotion Act. Its roles and responsibilities pertain to a wide scope of activities related to promoting Social Economy Enterprises (SEEs).

This report is designed to provide useful information on the social economy in South Korea and the ecosystem surrounding it, involving infrastructure and other factors, for readers in and outside Korea. To that end, it draws upon the model of ecosystems for social enterprises developed by the Center for Advancement of Social Entrepreneurship (CASE) at Duke University, in the USA. Chapter 1 defines the concept and scope of the social economy, traces the history of institutional evolution supporting its growth, its current status, and its relationship to the United Nations’ Sustainable Development Goals (SDGs). Chapter 2 describes the infrastructure of financial, human, knowledge, and social capital in Korea that supports the growth of the social economy. Chapter 3 describes policy and institutions, market conditions and other external factors that influence the Korean social economy. As the CASE model was developed for American social enterprises, its application to their Korean counterparts is not straightforward. Some modification was necessary in light of the state of the social economy in Korea.