The main purpose of this paper is to explain the inherent characteristics of capital in Jeju based on corporation companies whose main branches were in Jeju during colonial period. As a first step toward this topic, we investigate the changes of Jeju ...
The main purpose of this paper is to explain the inherent characteristics of capital in Jeju based on corporation companies whose main branches were in Jeju during colonial period. As a first step toward this topic, we investigate the changes of Jeju economy in the same period since the Jeju economy of that period is known to affect exogenously the establishment and growth of corporation companies of Jeju in that period.
The economy of Jeju in colonial period experiences many changes and shows the substantial economic performance. The development of transportation and labor of hanyeo motivates to boost up the Jeju economy in that period, especially the latter greatly helps to take off the Jeju economy. The direct line of Japan and Jeju constructed in 1922, and the increase of Jeju's agricultural productivity in 1930 play a great role in establishing a solid foundation of Jeju economy in colonial period. These factors result in the increase of money demand and savings leading to the capital accumulation. The increase and accumulation of capital in Jeju, in turn, facilitate the advent of several corporation companies. This also positively affects the production and sales through enhanced purchasing power of residents, consumption pattern change, increase of market trades.
Those companies increased in number at that period actively produce the goods such as items easily sold and cashed, and war supplies. Among the various features on the growth strategy of those companies, the most noticeable one is the variety of goods. According to our study, it is considered that the corporation companies of Jeju in the colonial period intensify their production activities through the two major pivots, the advance of commodity economy and self-sustenance, in addition to the supply of war materials to the Japanese empire. It is also found that the characteristic of those firms' capital, due to their strategy, is very self-reliable and can hold the dominant position over that in Japanese firms in competitiveness.
This article addresses the entrepreneurial activities of Kang Sung-Ik and Hwang Soon-Ha, who was two of the most well-known modern business man and contributed toward the Jejudo transportation and brewing industry, and the modern economy formation of Jejudo by means of the local capital rather than the non-Jeju capital.
Kang Sung-Ik and Hwang Soon-Ha economic activities for over 50 years was a important research data for Jeju's modern enterprises as well as its entrepreneurs. That company became a important driving force to economic growth of Jejudo under the rule of Japanese Imperialism and influenced on another modern company of Jejudo and its expansion. And Jejudo entrepreneur accumulated his wealth by modern company, and then he contributed his money to local community and showed ethical business of social-oriented or community-based entrepreneurship by oneself.
In recent years, entrepreneur's ethic and their social contribution activities become decreased gradually in Korean. And many entrepreneur have been the object of critical censure among common people, because of real estate speculation by non-normal way within liberal market economy system. In this condition, Park Jong-Sil's economic activities and spirits and academic studies about that will suggest some meaningful points to contemporary entrepreneur.