خلاصة:
Korean credit unions (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.
ملخص الجهاز:
"In the 1960s, when the Korean CU movement began, access to official financial institutions like banks was very limited for lower income groups who lacked property and good credit records.
By establishing CUs, the low-income groups could begin to accumulate wealth, and were able to provide small loans to other members of their community in urgent need of money at reasonable interest rates.
Although some variation exists in implementing these principles, the concept of human development and the sense of community expressed through people working together to achieve a better life for themselves and their community is at the 1- A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise.
In June of the same year, Father Chang Dae-ik (1923~2008) and his followers in the Cooperatives Economic Study Group established the Central Credit Union for Catholics in Seoul.
e. , CUs in the Korea Federation of Community Credit Cooperatives) is tax-free to promote wealth formation in low- and middle-income groups.
Figure 4: Primary Credit Union Structure ̥aثدثقشم ءثثفهدل / General Meeting / / / Boa(r5d-9opDoiprleec)tion President Committee Supervisory (2-3 people) / / Committee Manager (CEO GM) / Staff Source: NACUFOK (2013b) 4.
According to the present Depositor Protection Fund System operated by NACUFOK, all members‟ deposits (shares, installment savings, checking deposits) of up to KRW50 million (USD 45 thousands) in combined principle and interest are safeguarded by the CU in case of bankruptcy."