제 18 호 Sharing Economy
Kicker: Life
Sharing Economy
By Myung-Gwan Kang
How much do you know about the sharing economy? And do you know what kind of sharing economy is happening in our daily lives? The sharing economy refers to economic activities in which a product is not owned and used by one person, but rather cooperatively consumed by several people, such as sharing or lending to each other. The sharing economy, also known as the collaborative economy or peer-to-peer economy, refers to a system of economic activities where individuals or businesses share their underutilized resources with others. In this model, a product or service is not owned and used exclusively by one person, but rather it is cooperatively consumed by multiple individuals through sharing, renting, or lending.
Meaning and examples of the sharing economy
What does the sharing economy mean? Let's take a closer look at the sharing economy, which lies somewhere between the market economy and the gift economy, through its definition and examples.
First of all, in order to understand the definition of a sharing economy, you need to know what a market economy and a gift economy are.
A market economy is a free market economic system in which prices are set and trade is made between consumers and suppliers to maximize profits.
On the other side of this, the gift economy is literally a gift, not giving something for money. It is not a commercial element, but through the act of gifting, giving things, forming a social relationship and building trust between members of society through this. In the gift economy, the role of money as we know it is the social relationship, or trust.
In summary, you can think of it as a combination of maximizing profits by exchanging money and building trust between members of society through donations.To help you understand in detail, I will explain three companies called accommodation sharing companies, Couchsurfing, Airbnb, and Onefinestay as examples.
Couchsurfing
First of all, the way to use Couchsurfing, which is the most gift economy form, is to become a member after signing up, and you can stay in another member's bedroom. And if other members want to stay in your area, you can give them your own bedroom. There is no such service that money comes and goes when you give up your bedroom here, and you have to return it as much as you received.
It is not a system where you just give away your bedroom and get back the amount you gave, but it is a service that connects you to stay at a stranger's house, just like when we go on a trip to a friend's house and ask for a night's sleep.
If so, you may be wondering what kind of benefit the person who provides the house naturally gets. Couchsurfing is not a lodging platform but rather a social networking service. Members consider making new friends and forming a new community with them a meaningful act in itself by sharing their home. It can be said that it is a platform that is a little difficult to explain in the market economy that we are familiar with.
Onefinestay
Onefinestay stands for the market economy that is completely opposite to Couchsurfing. Onefinestay is a site that rents luxurious homes, yachts, and villas. The service includes amenities such as changing bedding and 24-hour service, just like the hotels we know, and the owner shares his or her luxurious home.It belongs to the sharing economy in that the accommodation owner shares the accommodation because it includes various amenities and services.
Airbnb
Airbnb is one of the most neutral accommodations sharing providers. First of all, Airbnb offers a certain amount of commission to service providers who share their home with others. Accommodation is also available for those who wish to use it, although it is cheaper than a hotel, and must pay the price listed on the site. In this respect, Airbnb has the characteristics of the market economy we know.
But Airbnb includes the nature of the gift economy here. Among Airbnb hosts, the characteristic of the gift economy is that they offer their free space to others as if it were a gift and provide food or wine made by themselves. Furthermore, you can see that Airbnb users share personal things in their homes, such as family photos of others, and communicate socially.
Finally, when you leave a review of an accommodation even if there are no benefits, listing the advantages of staying at the property while providing information to others is also a gift economy feature. In summary, the sharing economy is a new type of economic system located in the middle of the market economy we are familiar with and the gift economy based on contributions and social bonds.
Sharing Economy
Origins of the sharing economy
The term “sharing economy” was first introduced in 2008 by Professor Lawrence Lessig of Harvard Law School in his book Remix. The concept of the sharing economy was created because of the economic depression caused by the subprime mortgage crisis in the United States. This financial crisis did not stop in the United States in 2008, but spread around the world.
At this time, the first economic act of sharing space arose, and the saying, “Let’s share lodging and share profits together” was popular. At this time, lodging sharing companies using this were extremely popular, surpassing the corporate value of famous hotels.
Since then, various forms of sharing economy models have begun to emerge one by one. The sharing economy became full-fledged more quickly with the spread of smartphones. The sharing economy has grown explosively as a new business method in just 10 years as a lot of people participate and the sharing economy creates a system that works well.
Size and Prospect of the Shared Economy in the Future
The sharing economy has witnessed significant growth and shows promising prospects for the future. According to a report by PwC (PricewaterhouseCoopers) titled "The Sharing Economy," the global sharing economy was estimated to be worth around $15 billion in 2014. However, it is projected to reach a value of $335 billion by 2025, indicating substantial potential for expansion.
The same report highlights that the sharing economy has the potential to impact several key sectors, including transportation, accommodation, finance, and professional services. The rise of sharing platforms and collaborative consumption is expected to disrupt traditional business models and drive innovation in these industries.
Furthermore, the report emphasizes the importance of digital platforms and technology in enabling the growth of the sharing economy. The widespread use of smartphones, increased internet penetration, and the development of efficient online marketplaces contribute to the scalability and accessibility of sharing economy services.
Additionally, the sharing economy has the potential to generate socioeconomic benefits such as job creation, increased resource efficiency, and reduced environmental impact. By utilizing existing resources more efficiently, the sharing economy promotes sustainability and reduces waste. It's important to note that while the sharing economy has shown significant growth and potential, its exact size and future trajectory can vary depending on factors such as regulatory frameworks, consumer behavior, and market dynamics.
Sources:
https://terms.naver.com/entry.naver?docId=6032396&cid=67200&categoryId=67200
4차산업혁명시대의공유경제/ 아룬순다라라잔/ 2018
https://www.youtube.com/watch?v=TRiupUXWqD8
https://www.kdi.re.kr/kdipreview/doc.html?fn=15275_21946&rs=/kdidata/preview/pub
