earticle

영어

This study takes multi-faceted perspectives to understand economic democratization in the era of capitalism 5.0. Specifically, the study shows that the meaning of economic democratization varies by academic disciplines such as management, economics, sociology, etc. In the field of management, economic democratization is perceived as corporate governance, i.e., the restoration of ownership of the firm by truthful owners. Within the U.S. context of stockholder capitalism, the firm is owned by its stockholders. Within the European context of stakeholder capitalism, the firm is owned by its stakeholders that include stockholders, managers, employees, clients, creditors, local governments and so on. Korean capitalism is characterized by large firms called Chaebol being effectively controlled and owned by dominant-stockholding managers, thus the pseudo-stockholder capitalism, Conservative scholars pursue American stockholder capitalism, while progressive scholars prefer European stakeholder capitalism. In the field of economics, economic democratization is perceived as fairness in the market composed of large enterprises and SMEs (small and medium enterprises). Conservative scholars support indirect aids to SMEs while progressive ones argue direct aids. In the field of sociology, economic democratization is perceived as the realization of social justice, i.e., fair distribution of income and enough job opportunities for the constituents of the society. Causal relationship exists among the issues of economic democratization that are being depicted in these academic disciplines. Managerial corporate governance is the cause of economic market fairness, which in turn becomes the cause of social justice. The Korean government should be aware of the global trend and the domestic environment within which it chooses and implements economic policies. The world economy has progressed during the past two centuries since Adam Smith's Welth of Nations in 1776. The invisible-hand-driven classic capitalism called Capitalism 1.0 was replaced by the strong-government-driven revised capitalism in the wake of the Great Depression started in 1929. This revised capitalism called Capitalism 2.0 was again replaced by enterprise-friendly neo-capitalism in the 1980s. This Capitalism 3.0, however, brought in rampant examples of immoral and unethical behaviors by large enterprises, resulting in the financial crisis in the U.S. in 2008 and eventually the social movement of "Occupy Wall Street" in 2011. The Capitalism 4.0 was proposed in the midst of these social turmoils in the name of social capitalism, which emphasized the importance of "Corporate Social Responsibility (CSR). This Capitalism 4.0 was short-lived due mainly to the lack of sound theoretic basis. This historical context has prompted me to propose the arrival of Capitalism 5.0, which projects the co-habitation of the firms and the society in a way that the firm pursues "Creating Shared Value (CSV)."In the era of Capitalism 5.0, Korean society, which includes the government and the firms, must understand "Social Value Chain (SVC) as the fundamental philosophy of economic democratization. According to SVC, the firm is a vehicle for the society to maximize its value. The society does it by allowing the firms to maximize their respective values. In conclusion, the firm can and must maximize its value as a means to maximize the value of the society that the firm belongs to. In other worlds, the firm should create shared value. CSV is raison d'être of the firm.

한국어

이 논문은 자본주의 5.0시대에 경제민주화가 가지는 의미를 다양한 학문적 시각으로 살펴보고, 각 학문이 가지는 개별적인 기준에　따라 그 개념이 어떻게 이해되고 있는지를 분석하였다. 기업 내부를 연구하는 경영학에서는 경제민주화를 기업의 지배구조 개선으로 보면서 대기업의 지배주주경영자가 누리는 경영권으로 인한 CEO 리스크를 줄이는데 집중한다. 거래가 일어나는 시장을 연구하는 경제학에서는 대기업과 중소기업이 시장에서 건전한 경쟁을 벌일 수 있는 조건을 다룬다. 사회학에서는 가회정의가 실현될 수 있도록 소득격차를 줄이고 일자리를 창출하는데 집중한다. 정부는 자본주의에 대한 시대적 요구에 따라 다양한 경제민주화 견해 중 하나를 선택해서 정책을 세우게 된다. 1776년 시작된 시장중심의 자본주의 1.0은 1929년 대공황 이후 정부개입을 전제로 하는 자본주의 2.0으로 변했다가, 1980년대 기업자유를 최대한 보장하는 자본주의 3.0으로 변했다. 그러나 2008년 미국 금융위기 이후 일반대중은 금융산업을 주도하는 소수 특권층에 대한 불만을 기업의 사회적 책임을 요구하는 자본주의 4.0으로 나타냈다. 앞으로 우리 사회는 기업과 사회가 동시에 가치를 추구하는 자본주의 5.0으로 발전해 나아가야 하고, 여기에서 경제민주화의 방향이 기업의 사회적 책임(CSR)을 넘어서 공유가치창조(CSV)로 나아가야 하는 당위성을 찾을 수 있다.