Public policies for the social and solidarity economy: Towards a favourable environment The case of the Republic of Korea
Turin ILO/ International Labour/ITC
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From its beginnings in the private sector, rooted in civic engagement as traditional private reciprocal aid for the public institutionalization of the cooperative, the Republic of Korea’s social economy has developed in the public sector through ministries and their policies to define and foster several social economy organizations. Recently, the Framework Act on the Social Economy has aimed to create the integrated ecosystem of
social economy proposed and discussed by both the ruling political party and the opposition. In the 2000s, as legislation relevant to this sphere began to be developed, the size of social economy increased, and various public/private support mechanisms have been offered to organizations such as social enterprises, rehabilitation enterprises, cooperatives and community enterprises. The Republic of Korea’s social economy has now emerged as a key component in society, expanding its base by creating social/financial values. It
is expected that social economy will continue to grow by strengthening solidarity and cooperation among relevant organizations, and expanding human and material support from both public and private sectors on the basis of a coherent policy system.