Kye ( Gye ), social credit of Korean America
Lending Support to Kyes : Immigrants' Credit Associations Need to Be Encouraged--for Everyone's Financial Health
Voices
October 24, 1993. Ivan Light, a professor of sociology at UCLA, is the co-author of "Immigrant Entrepreneurs: Koreans in Los Angeles, 1965-1982." (Los Angeles: University of California, 1988).
When Jung-Hie Park sought to collect $50,000 owed to his kye , a popular financial institution in the Korean community, he turned to California courts for adjudication. Without examining the merits of his claims, Superior Court Judge Edward M. Ross ruled in September that kyes were an "illegal lottery" whose debts could not be collected in an American court.
Although Ross' decision may be appealed, it highlights the difficulty that American law encounters when attempting to digest foreign saving and credit institutions like the kye . In the language of anthropology, the Korean kye , the Mexican tanda , the Chinese hui , and the Vietnamese ho are examples of the rotating savings and credit association, a popular financial institution of the Third World
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