Explain principles of cooperatives using summarised explanations

Answer 1

1. Voluntary and Open Membership: Cooperatives are open to all who are willing to accept the responsibilities of membership without discrimination.

2. Democratic Control: Members have equal voting rights and participate in decisions that affect the cooperative through a democratic process.

3. Economic Participation: Members contribute financially to the cooperative and share in the economic benefits, such as profits, based on their contributions.

4. Autonomy and Independence: Cooperatives are autonomous, self-help organizations controlled by their members, who work together for their mutual benefit.

5. Education, Training, and Information: Cooperatives provide education and training opportunities for their members, employees, and the community to promote understanding and development of cooperatives.

6. Cooperation among Cooperatives: Cooperatives work together through local, national, and international structures to promote the development and growth of cooperatives.

7. Concern for Community: Cooperatives work for the sustainable development of their communities through policies and programs that benefit both members and the broader community.