ISSN : 0023-3900
A demand for empirical studies on the practical workings of social capital in Korean society is on the rise now that theoretical discussions on social capital have taken root to a certain extent. This paper examines the eochongye (rotating credit system of a fishing village) in Jujeon-dong, Ulsan as a case study in order to verify whether economic efficiency at the individual level harmonizes with—and does not contradict—social justice at the collective level through social capital. Questionnaires were used first to identify the existing type of social capital of the eochongye in Jujeon-dong, after which in-depth interviews were conducted to investigate how this type of social capital works there. Analysis of the questionnaires and in-depth interviews produced the following conclusion: “Philos relationship,” a type of social capital, exists widely and is actually practiced in the intersubjective life world of the Jujeon-dong eochongye where common-pool resources are shared. By way of preventing generalization of values, philos relationship resolves the dilemma of collective action while causing the problem of community. The main reason behind this is the collective memory of cultural trauma of the eochongye.
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