A Hidden Contributor to the Korean Miracle: The Korean Credit :union: Movement

Authors

  • Han In-soo Department of Business Administration, Chungnam National University, Korea
Abstract:

Korean credit :::union:::s (CUs) are considered to be a hidden contributor to the “Korean miracle”, characterized by remarkable economic growth and relatively low income inequality. The Korean miracle not only generated wealth in an economically strapped and socially under-privileged people, but also contributed to regional community development and the democratization of Korean society. In this study, we analyzed how Korean CUs contributed to the Korean economy and society, and we identified the challenges now facing Korean CUs. We investigated how Korean CUs were established and how they have developed, and we present their remarkable achievements. We analyzed their present characteristics as well as the difficulties they experienced during the recent global financial crises, and we discuss the many challenges they face going forward.JEL Classification: G20, G21, G38, H24Received: 11/18/2013         Approved: 1/27/2014

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Journal title

volume 8  issue None

pages  23- 46

publication date 2013-04

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