COOPERATIVES Meaning and
Definition
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Cooperatives refer to organizations formed and operated by individuals voluntarily coming together to fulfill their common social, economic, and cultural needs and aspirations. They strive to create a socio-economic system where members work collectively, eventually benefiting from the cooperative's resources and services. The primary objective of cooperatives is to enhance their members' well-being, while also promoting the overall welfare of the community.
Cooperatives are characterized by their democratic nature, where members have equal voting rights, regardless of their monetary contributions. Decision-making processes are typically carried out in a way that ensures participation and fair representation. These organizations are owned and controlled by the people they serve in a manner that prioritizes inclusivity, solidarity, and responsibility.
Cooperatives exist across various sectors, including agriculture, finance, housing, consumer goods, and services. They operate based on a set of shared values, including self-help, self-responsibility, equality, and ethical practices. The surplus generated by cooperatives is typically allocated and reinvested equitably among members, prioritizing their needs and long-term sustainability over maximizing profits.
In broader terms, cooperatives serve as an alternative model to the traditional capitalist mode of production, providing individuals with opportunities to collectively create and manage enterprises, thus empowering communities and fostering social cohesion. Through their cooperative endeavors, members not only aim to meet individual needs but also contribute to the larger goals of sustainable development, social justice, and economic resilience.
Common Misspellings for COOPERATIVES
Etymology of COOPERATIVES
The word "cooperatives" derives from the Latin word "cooperare", which means "to work together". It is a combination of the prefix "co-", meaning "together", and the verb "operare", meaning "to work". In English, this Latin root evolved to "cooperate", which refers to the act of working jointly or together. The term "cooperative" is derived from "cooperate" and is used to describe an autonomous association of individuals or businesses who voluntarily come together to achieve a common economic, social, or cultural goal.
Similar spelling words for COOPERATIVES
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