The Emergence of Community-based Capitalism: The Case of Korean ‘Village’ Enterprises

Jae Eon Yu and Chul Min Jung
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Jae Eon Yu: Keimyung University
Chul Min Jung: Keimyung University

Chapter 13 in Capitalism and the Social Relationship, 2014, pp 211-227 from Palgrave Macmillan

Abstract: Abstract The current global financial crisis and following events have called into question the sustainability of the form of capitalism that has evolved over the past several centuries. ‘Neo-liberal’ market-based capitalism’ has ushered in social unrest arising from the unequal distribution of wealth and benefits, the spread of corruption, and environmental destruction (Buchholz, 2009). A new spirit of capitalism has emerged to justify people’s commitment to the development of a ‘new capitalism’ that upholds justice and contributes to the common good (Boltanski & Chiapello, 2005). The new spirit of capitalism contributes to the development of ‘community civil society’ (Skerratt, 2012). The growth of the social economy will result in what political economists call ‘community-based capitalism.’ In this chapter, community-based capitalism refers to a type of multinational economy in which the project-oriented cities and local communities and their networks (e.g. state, social, and community-based enterprises, and NGOs) play a facilitating role rather than just regulatory and interventionist roles for community development (Farmer, Hill & Munoz, 2012).

Keywords: Social Capital; Social Enterprise; Moral Development; Participatory Action Research; Social Entrepreneur (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-32570-9_13

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DOI: 10.1057/9781137325709_13

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