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Social economy becomes a main academic topic in Korean society. In Korea, the term of 'social' started to attract the public's notice after the government adopted the policy of social enterprise. Now, social enterprises are an important tool of economic policy to promote employment of unprivileged people and social enterprises are thought to be included in a broader concept of social economy. Still, it is unclear in Korea how social economy is understood, but people agree that social economy lies outside of both 'market' and 'the government', which explains why the paper relates social economy and local economy. In Korea, local economy has been the most serious victim of the economic system, mainly driven by both market-oriented economy and government-led development. This paper tries to find important implications for endogenous local development in the realm of social economy. The followings are main findings. First, mobilization of social capital should be treated more importantly than that of physical and financial capital in local economy policy. Second, multiple stakeholders should be guaranteed to participate in local economic policy from a planning stage through a implementation stage. Third, social enterprises should be a main policy tool to enhance social economy at a local level.