Published 2021-08-12
Abstract
Cooperation is a special way of doing business that asserts the principles of equity and equality. It is based on the motto, “each for all and all for each”. Cooperation stands for distributive justice. Cooperation is applied in the solution of many problems of varied economic activities such as production, distribution, banking, marketing, dairying etc., Cooperatives are the outcome of common economic needs of their promoter. They are not charitable institutions. Cooperatives seek to help those who are willing to better their economic condition through self-help and mutual help. Every member should have the interest of all the members in his mind and act accordingly. All of them should pool their resources and work for the betterment of each and everyone without any selfish motive. Joint action in the interest of one and all is basis of cooperative effort.
Cooperation refers to the association of the weak, the powerless and the poor to achieve the advantages which are available for the powerful and the rich. A cooperative society is a voluntary association and all are welcome to join it. Every member of the society has equal rights and equal responsibilities. The association is for mutual benefit and help and not for getting profit.
Cooperation is an economic institution for the promotion of economic interests of members. It suits to all political and economic systems. It has greater significance in the developing countries. Such countries have high degree of illiteracy, Social obsession. Ill-health, problem of women and children. Cooperation is visualized as a potent instrument to play an important role in the socio-economic transformation of such societies.
A cooperative society can be organized to satisfy the common economic, social and cultural needs of the members.