What is a Co-op and why should I care?
Apr 21, 2009
Co-ops are founded on a common idea – that people recognize what is best for them. They are founded with the understanding that people can work together to meet their own needs.
A co-operative is any enterprise that is collectively owned and democratically controlled by its members for their mutual benefit. Typically co-operatives and credit unions are community-based organizations.
In a co-operative each member has one vote, regardless of their investment they have made in their co-op. Co-op members are not controlled by outside owners or government bodies. The members decide how the co-op will be run, what changes should be made if any, elect the board of directors and decide what to do with any surplus (profit) that may be generated.
Co-ops and credit unions are the best example of how democratic principles can be applied to economic life. Co-operation means people working together to meet common goals and needs. Co-operatives provide opportunities for people to direct what happens in all aspects of their lives.
Within a co-operative people find strength in collective action and the powerful motivation of mutual support.
