cooperative etymology

Etymology:

The word "cooperative" is derived from the Latin "cooperare," which means "to work together."

Meaning:

A cooperative is a legal entity owned by its members and operated based on democratic principles. Members share the profits and losses of the business and have equal voting rights. Cooperatives differ from traditional businesses in that they are not profit-driven and aim to provide benefits to their members rather than external shareholders.

Origin:

The concept of cooperation has existed in various forms throughout human history. However, the modern cooperative movement emerged in the 19th century.

• Industrial Revolution: During the Industrial Revolution, workers faced difficult working conditions and exploitation. Cooperatives provided an alternative to factory ownership by allowing workers to pool their resources and control their own labor.
• Rochdale Pioneers: In 1844, a group of textile workers in Rochdale, England, established the first modern cooperative grocery store. This store operated based on principles of democratic control, equitable distribution of profits, and education.
• Cooperative Movement: The Rochdale Pioneers inspired the growth of cooperative movements worldwide. Cooperatives were formed in various industries, including agriculture, banking, housing, and healthcare.

Key Features of Cooperatives:

• Membership Control: Cooperatives are owned and controlled by their members, who have equal voting rights.
• Democratic Principles: Members have a say in the management and decision-making of the cooperative.
• Profit Sharing: Profits are distributed among members according to their contributions or patronage.
• Non-Distributable Surplus: Profits that are not distributed to members are reinvested in the cooperative to support its operations and growth.
• Service-Oriented: Cooperatives prioritize providing value and benefits to their members over maximizing profits.

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