Exploring the Co-operative Economy and its Social Impact

Abstract

In the search for a new paradigm to respond to the changing situation in our world caused by the Covid-19 Pandemic and to marshal the resources for constructing it, we need to study and highlight the importance of the co-operative sector and its impact around the world. A cooperative starts with a need and an idea. It has been a different way of doing business. Some would even say it is a better way of doing business. It is a democratic form of business, organized, owned and controlled by its members; with all members having an equal say in how the organization is run to promote their mutual economic interest. There are many types of cooperatives, e.g. marketing, consumer, producers, financial, energy, housing, service and workers cooperatives. The cooperative model is often called “one solution to numerous problems”. The Cooperative Movement with 3 million cooperatives accounts for at least 12% of humanity. The top 300 cooperatives generate 2.1 trillion USD in turn over. Cooperatives employ 280 million people constituting 10% of the world’s employed population.