Value Systems, Entrepreneurship, and Changing Society

Entrepreneurship has played a vital role in South Korea’s economic and technological development (Choi et al., 2008; Jung, 2002). Seldom discussed, however, is the potentially significant effect entrepreneurship has had in shaping the’ views and value systems in Korean society, especially since the late 1990’s. The changes in views and value systems among the Korean people are driven in large part by the country’s continued modernization and industrialization, but its vibrant entrepreneurial economy may be accelerating the pace. These changes, we suggest in this chapter, are likely to have a lasting impact on Korean society. The chapter is organized as follows: first, it provides the background and facts associated with South Korea’s entrepreneurial economy. Next, it describes some of Korean culture’s most fundamental values, followed by a discussion about how these Confucian values conflict with those of entrepreneurship. The chapter then examines the progression of entrepreneurship in South Korea to see how its growth has affected people’s values systems and their perspective on the various groups’ roles in society. Lastly, we briefly discuss how Korea’s experience with entrepreneurship and its impact on society might compare with that of the United States.