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Government policy for the stable growth of the sharing economy

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Government policy for the stable growth of the sharing economy04



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Title Government policy for the stable growth of the sharing economy
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Material Type Videos
Author(English)

Korea Development Institute

Publisher

[Sejong] : Korea Development Institute

Date 2017-07
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Government and Law < Political Development
Holding Korea Development Institute
License

Abstract

With its companies earning 335 billion dollars by 2025, the sharing economy is projected to grow to a level similar to the traditional rental sector such as the car rental and hostel industries. The sharing economy enables the transaction of access rights to idle assets via an ICT platform. It contributes to enhancing the welfare of participants as suppliers can earn additional income, while consumers enjoy low prices, diverse options and better convenience. Businesses participating in the sharing economy are also provided with opportunities to promote and test new products or business ideas without incurring substantial costs. In addition, the sharing economy is expected to not only stimulate local economies but also contribute to resolving environmental issues. On the other hand, concerns have been raised over the fact that transactions are primarily conducted between non-professional individuals and that it is difficult to determine service quality. For example, there is transaction risk including criminal activity, a lack of protection mechanisms and even possible danger to social safety. A notable issue in introducing the sharing economy is the conflict with existing business sectors that provide similar services. A survey of Koreans with experience in the sharing economy found that almost 90% of accommodation and car sharing consumers and 60% of crowdfunding suppliers reduced their number of existing transactions.