A multiplex network approach to the self-organizing bonding and bridging social capital fostered among local residents: A case study of community currency in Korea under the Hanbat LETS

A variety of community currency systems have been adopted, implemented, and terminated among the local communities of Korea over the last two decades. Despite its volatility due to the economic, social, and political environmental changes occurring in Korean society, the Hanbat local exchange trading system (LETS) is regarded as an innovative practice in grassroots community currency schemes based on trust and cooperation among local residents and plays a critical role in promoting community rebuilding and the formation of a sharing economy in this area. This study is aimed at empirically investigating the microprocesses underlying the formation of multiple types of social capital—bonding, bridging, and linking social capital—that were observed in the transactions among the Hanbat LETS members through inferential network analysis. The findings show that bonding and bridging social capital coexist in both a singular (or uniplex) type and in distinct (or multiplex) types of transactional tie developments among the participants through this community currency system. By examining the ways in which these multiple types of social capital are fostered through a bottom-up approach focused on a community currency system, the results of this study suggest the potential roles played by peer-to-peer support exchanges and the sharing economy in a local community.