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A note on the renovation of social enterprise in Korea : Current status and future prospects

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  • A note on the renovation of social enterprise in Korea
  • Kim, Yoon-Doo; Yoon, Seok
  • Science Publication


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Title A note on the renovation of social enterprise in Korea
Similar Titles
Sub Title

Current status and future prospects

Material Type Articles
Author(English)

Kim, Yoon-Doo; Yoon, Seok

Publisher

[Al Ain, United Arab Emirates] : Science Publication

Date 2016
Journal Title; Vol./Issue American Journal of Applied Sciences:vol. 13(issue 6)
Pages 7
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Industry and Technology < Entrepreneurship
Holding Science Publication
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Abstract

Social enterprise activities in Korea began after 1998. Korea was facing the IMF Financial Crisis which yielded growing unemployment and slow economic growth. The government, therefore, carried out the Social Job Creation Project for the unemployed on a trial basis as ways to provide jobs to the vulnerable. Since 2004, it has become a government-wide project. Moreover in 2007, the Korean government implemented the Social Enterprise Promotion Act. Unlike those in Europe and the U.S., this system did not come to fruition from the spontaneous necessity of a social enterprise in the market, but rather came into effect in line with government-led policy objectives such as job creation to solve market dysfunctionality. In Korea, social enterprise policies were intended to incubate social enterprises through the government's unique certification systems as well as various support systems. Further, in the eight years since the implementation, it has brought about remarkable policy effects. (The rest omitted)