Say "Mutual Growth Consumption" Instead of "Buy Social"

"Buy Social" to Be Renamed as "Mutual Growth Consumption"
"Local Fair Trade" and "Impact Investment" to Be Replaced with "Regional Fair Trade" and "Social Value Investment"

The Ministry of Culture, Sports and Tourism and the National Institute of the Korean Language recommended on July 27 that the term "buy social" be replaced with the Korean expression "mutual growth consumption." They also suggested "regional fair trade" and "social value investment" as Korean alternatives for "local fair trade" and "impact investment," respectively.

"Buy social" refers to the practice of purchasing products or services from social enterprises. It is a movement aimed at realizing shared benefits and social values, such as human rights, environmental protection, and revitalization of the local economy. The selection of the alternative term "mutual growth consumption" reflected the results of a survey. In a public acceptance survey conducted on July 20 and 21 with 600 respondents, 51% said the term was appropriate.

"Local fair trade" encompasses the expanded concept of fair trade, where mutual benefits are equally distributed in trade with producers in developing countries and beyond. It refers to activities in which countries above the developing stage utilize their own regional products and fair trade goods to produce and sell products. "Impact investment" describes an investment approach that pursues both financial returns and social or environmental value. The Ministry of Culture, Sports and Tourism and the National Institute of the Korean Language selected "regional fair trade" and "social value investment" as the respective alternatives during the New Words Committee meeting held from July 17 to 19.

The New Words Committee is a body that provides easy-to-understand Korean alternatives for difficult foreign neologisms before they become widespread. Experts from various fields-including Korean language, foreign languages, education, public relations and publishing, information and communications, and the media-participate in the committee. The Ministry of Culture, Sports and Tourism and the National Institute of the Korean Language plan to continue promoting the use of these alternatives by government agencies and media organizations.

This content was produced with the assistance of AI translation services.