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

In: Capitalism and the Social Relationship

Author

Listed:
  • Jae Eon Yu

    (Keimyung University)

  • Chul Min Jung

    (Keimyung University)

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).

Suggested Citation

  • Jae Eon Yu & Chul Min Jung, 2014. "The Emergence of Community-based Capitalism: The Case of Korean ‘Village’ Enterprises," Palgrave Macmillan Books, in: Hamid Kazeroony & Agata Stachowicz-Stanusch (ed.), Capitalism and the Social Relationship, chapter 13, pages 211-227, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-32570-9_13
    DOI: 10.1057/9781137325709_13
    as

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