What is a Co-op?

Co-operatives are the businesses you go to when you want the ability to have a direct say in what goes on. As the member of a co-operative you are a co-owner which allows you a voice in a democratically-controlled business.

And one of the great attractions of co-operatives is that instead of being driven by short-term returns like so many stock market-listed companies, their member-based structure allows them to take a longer-term view of their business. It has helped the sector to not fall into traps like the subprime mortgage fiasco of 2008 which resulted a global financial crisis.

Co-operatives’ democratic structure often allows for more prudent business decisions to be made. Not being tied to the merry-go-round of short-term profits means co-operatives can invest in their businesses and their people. Co-operatives have strong links to the communities in which they operate and in which their members live. As such they promote self-reliance of communities and are of general benefit to society.

Very simply co-operatives can be described as falling into one of three general groups: workers co-operatives where members are given access to work opportunities, consumer co-operatives which allow members to buy goods and services at attractive prices and producer co-operatives which includes the agricultural sector which can fight against fluctuating prices for its commodities by banding together.

Co-operatives operate under a seven-principle set of guidelines. The seven principles of co-operative businesses are:  voluntary and open membership; democratic member control; member economic participation; autonomy and independence; education, training and information; cooperation; and concern for community.

What about co-ops around the globe?