This chapter looks at the ways in which the concept, practice, and social function of culture has gone through transformations during the ascendancy of neoliberalism in South Korean society. The questions raised here are: what does neoliberalism have to do with culture? What is the relationship between the political economy and culture? How does the former “determine” the latter? Or reversely, can culture resist the economy and politics, even determining the way they function? Or is it that culture only “reflects” the determining political economy? How does it have to do with “reality”? Does it have only a secondary power in the sense that it merely stands in for the “real” or rather constitute an indispensable dimension of the latter? The chapter attempts to seek answers to these questions, while looking at the transformations in the concept and function of culture as a social practice in the past few decades.