1. Voluntary and Open Membership: Cooperatives are open to all individuals who are willing to join and abide by the cooperative's rules and principles. Members do not face discrimination based on factors such as race, gender, or religion.
2. Democratic Control: Members of cooperatives have equal voting rights, regardless of the size of their investment or shareholding. Decisions are made democratically, with each member having a say in the cooperative's operations.
3. Economic Participation: Members of cooperatives contribute financially to the cooperative and share in its profits or losses. This principle ensures that all members benefit from the cooperative's success and are responsible for its financial sustainability.
4. Autonomy and Independence: Cooperatives are independent organizations that operate based on the needs and interests of their members. They are free from external control and make decisions that prioritize the well-being of their members.
5. Cooperation Among Cooperatives: Cooperatives work together to strengthen the cooperative movement and support each other's growth and success. They collaborate on projects, share resources, and advocate for policies that benefit all cooperatives.
Explain 5 principles of cooperatives using summarised explanations
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