N:BOOKS, a book cooperative association which will start operation this month, is the first cooperative association initiated by KU students. It claims to achieve alternative consumption. “IN:BOOKS is a community built based on the concerns on how to form an ideal way of life,” said Yoon Seo-in (’12, Korean History) who led a briefing session held on May 6 and 7. Based on the belief toward a better society, the association is trying to focus on the intrinsic value of products, rather than putting importance on the monetary ones.

 

The major business of IN:BOOKS is the distribution of alternative books in an alternative method. Each member of the association invests a small amount of money when joining it. Using the invested money, IN:BOOKS provides books at a lower price, which is about 20 to 30 percent lower than the regular price. As the cooperative association is a type of business entity, it can purchase books at wholesale prices and distribute them to members. The books distributed through the association will be what KU students want the most, especially ones that are hard to find in major bookstores and libraries. Students can receive the books in the Life Library located at the Student Union Building.

 

Members of IN:BOOKS will also receive regular dividends from the profits made. “Since the amount of dividends they receive will be proportional to the number of books they have purchased rather than the amount of money they have invested, students will be motivated to join the association and buy more books,” said Yoon. To attract more student customers, it will also sell special-offer items such as a book mini-box, through which customers can buy random books related to a certain theme.

 

Beginning with the distribution of books, IN:BOOKS claims to become a platform for reading and knowledge. One of the association’s primary goals is to promote the reading culture, forming a reading network in KU. It plans to help students encourage the experience gained through reading. In particular, there will be regular and irregular seminars and guest lectures members can attend.

 

IN:BOOKS does not stop at simply broadening students’ opportunities to gain diverse knowledge and insights. The significant feature IN:BOOKS has as a cooperative association is a democratic management system. Unlike corporations in which shareholders’ influence on decision-making is determined by the number of shares they possess, cooperative associations guarantee the equal rights of all members. The members can freely discuss management issues, make decisions based on the consensus, and form an alternative community.

 

Unlike cooperative associations that already exist in other universities, students will play a proactive role in IN:BOOKS. In Seoul National University (SNU) and Yonsei University (YU), faculty members and university officials are engaged in decision-making procedures of cooperative associations. On the other hand, students have taken the initiative in establishing the new book cooperative association.

 

IN:BOOKS's blueprint is now being gradually materialized. The specific rules and conditions of book distribution will be determined based on the survey which was carried out online in advance. According to the survey, KU students are willing to pay 31 thousand won on average as the membership fee. They wanted at least 23.9 percent of discount rate on average, and the desired delivery time turned out to be 4.6 days.

 

On May 3, the association was approved by the Central Steering Committee to gain trust from   more students. Also, as it is funded by students, a transparent disclosure of financial information is crucial. Therefore, IN:BOOKS has decided to gain approval from the committee as a special committee. After the ratification by the Central Steering Committee, the association has gained a momentum to develop as the foundation for a new “sharing economy” in KU. IN:BOOKS is planning to gain the position of a special organization in the next semester to receive financial aids from the Korea University Student Association (KUSA).

 

Then, on May 28, there was a meeting of promoters. The meeting was a significant preliminary stage for the alternative community. With the first members who became the promoters, IN:BOOKS will be officially launched in the first week of June. Though this is just a beginning of alternative book consumption in KU, managers leading the association are dreaming for a further developed form of book production and consumption. “As a longterm goal, we are planning to make contracts with minor authors and publish their books, broadening our network outside KU,” said Park Byung Jin (’12, Electrical Engineering), one of the managers who attended the briefing session.

 

Despite the need for further improvements and materialization of projects, students are expecting IN:BOOKS to become an alternative route to broaden their scope of the reading. “I anticipate IN:BOOKS to provide invaluable works of insightful authors which are now out of print,” said Jung Sang-yoon (’14, Business) in the briefing session.