Korea's FOMO power and stock investing
Korean Confucianism’s philosophical foundation places moral responsibility, diligence and work ethic at the center of social cohesion. Within this context, gambling represents unearned wealth, which runs against the collective framework on which Korean society is based and calls for shame for the individual. By contrast, in the West, gambling is viewed as a matter of personal freedom and leisure.…
Korea's Confucian philosophy emphasizes moral responsibility, diligence, and a strong work ethic as the foundation of social cohesion. In this context, gambling is seen as a source of unearned wealth, which goes against the collective framework of Korean society and is therefore considered shameful. Conversely, Western cultures view gambling as a matter of personal freedom and leisure.
Consequently, the Korean government maintains a general ban on legal gambling, offering only limited opportunities for Korean citizens. The public stigma surrounding gambling is the primary reason for the limited growth of legal betting in Korea, as the government closely scrutinizes gambling and speculation. Whether this social stigma suppresses the already speculative culture or simply fuels it remains a topic of debate.
However, the result is a culture with unfulfilled desires for a gambling outlet. This situation is reminiscent of the U.S. during the Prohibition era in the 1930s, when the government banned alcohol outright. The unintended consequence of Prohibition was that it encouraged illegal drinking and funded organized crime.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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