Social economy

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What is co-op?

An entreprise owned and operated by all in a democratic way. A stable economic group that creates new jobs, contributes to the local community, and assures long employment.

co-op

  • Severe bipolarization  → From capital-oriented to people-oriented → Realize economic democracy.
  • Fall of self-owned businesses and increase of temporary workers → From competition to cooperation → Create sustainable, stable jobs.
  • Disintegration of town communities and weak social safety net → From individuals to community → Fortify the local community-based social safety net.

Characteristics of co-op

  • Business formed voluntarily by people with common goals
  • Democratic decision making based on a 1 vote per person rule
  • Increase the common rights of the union members and contribute to the development of the local community.

Operate the co-op consultation center.

Endeavors to foster Seoul as a Co-op City continue – In December 2012, the basic law regarding co-ops took effect; since then, the activation of local economy through co-ops, creation of stable jobs, and revival of local communities have been pursued. A co-op consulting support center that provides one-stop service with education-advice-consulting is being operated to resolve any and all inquiries regarding co-ops.

  • District-wise, Gangnam-gu has the greatest number of co-ops, totaling 96, followed by Seocho-gu (69), Mapo-gu (64), Yeongdeungpo-gu (58), Jongno-gu (57), and other economically active areas. Their sizes show that those with less than 10 union members took up 72.1% (638) with 15 union members on the average, Co-ops with less than 10,000,000 won investment constituted 67% (596), with the average investment amounting to 19,175,000 won.
  • The Seoul Metropolitan Government has seen that the creation of a new job and economy paradigm is possible through various social economy activation projects, expecting an improvement in the quality of life through the revival of local communities in the long run.
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