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.