Understanding Book: WHAT IS COOPERATIVE SOCIETY?

The word Co-operative Society has been defined in so many ways. For instance, N. Akpan defined co-operative as a group of people that come together on equal basis to promote their economic interest.  Mr J. E. Oseromo, a one time Director of Co-operatives, Edo State, also defined Co-operative Society as a family of people who have come together on equal basis to promote their economic interest, and share equal risk. Why Mr. P. E. Akhigbe a one time lecturer in the Edo State Co-operative College define it as owner formed, owner managed and owner use. On his part, Mr. S. E. Ilegbinosun defines Co-operative society as business of the people, by the people and for the people.

3.1b.       In 1995 International Co-operative Alliance (ICA) definition stands accepted by all co- operators today. And the definition is:-

      A co-operative society is an autonomous association of persons who have voluntarily joined together to achieve a common economic and social objective through the formation of a jointly-owned and democratically controlled business organization. Which its Members are expected to make equitable contributions to the capital required and also to accept a fair share of the risks and benefits of the undertakings. Co-operative societies work on the principles of self-help and mutual assistance to provide services for their members in a prudent and effective manner.

What Do You Know About The Twenty Eight Weavers?

3.1c.    The Rochdale Society of Equitable Pioneers was a group of 28 weavers who collaborated with other artisans in Rochdale, England, to form the first known co-operative society in 1844.

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the setting up of this group was base on the mechanization of Industrial Revolution which was forcing more and more skilled workers into poverty in the early 80^s, these tradesmen decided to band together to open their own store where they intends to sell food items they could not otherwise afford. Because they have been told about how other cooperatives tried to set up and eventually failed, makes them to design a very special working formula now known as The Rochdale Principles. Take note that they did not stop the process because others prior to them failed; rather the designed a special customized and working formula. Over a period of four months they committed themselves vigorously to make sure they are able to pool together one pound sterling per person for a total of 28 pounds of capital. Understand here too that they did not wait for the government or other donor organization to start the business for them; instead, they starved themselves to raise some amount of money which they eventually used to stock their store which they opened On December 21, 1844. In this initial stage, they were only able to purchase a very meager selection of butter, sugar, flour, oatmeal and a few candles. Within three months, they expanded their selection to include tea and tobacco, and they were soon known for providing high quality, unadulterated goods.

What Role Did ROBERT OWEN Played In Standardizing The Co-operative Movement?

3.1d.    Robert Owen (1771–1858) is considered the father of the cooperative movement. A Welshman who made his fortune in the cotton trade, Owen believed in putting his workers in a good environment with access to education for themselves and their children. These ideas were put into effect successfully in the cotton mills of New Lanark, Scotland. It was here that the first co-operative store was opened. Spurred on by the success of this, he had

 

the idea of forming "villages

of co-operation" where workers

would drag themselves out

of poverty by growing their own

food, making their own clothes

and ultimately becoming self-

governing.