Chained to Debt and Distorted Desire: A Sociocultural Analysis of Finance-Dominated Capitalism in South Korea

This paper examines how finance-dominated capitalism at the national scale creates a cycle of debt and a distorted form of desire, focusing on the South Korean housing market, where housing has become an investment rather than a place to live. First, it analyzes South Korean social phenomena in which every facet of life is translated into the language of finance, with particular emphasis on the “Republic of Apartments” phenomenon. Drawing on Kathryn Tanner’s concepts of “chained to the past” and “unbreakable continuity,” this paper illustrates how loans, investments, and housing constitute social inequality. Second, being chained to debt can be understood as a confinement within a self-created, distorted form of desire. Individuals create their own destiny; however, such destiny is markedly constrained. Drawing on the Lord’s Prayer and Jubilee traditions, this paper ultimately suggests radical forgiveness to break the chains of debt and foster a new understanding of religious desire.