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Co-operative Movement
The history of the cooperative movement concerns the origins and history of cooperatives across the world. Although cooperative arrangements, such as mutual insurance, and principles of cooperation existed long before, the cooperative movement began with the application of cooperative principles to business organization. Beginnings The cooperative movement began in Europe in the 19th century, primarily in Britain and France. The industrial revolution and the increasing mechanisation of the economy transformed society and threatened the livelihoods of many workers. The concurrent labour and social movements and the issues they attempted to address describe the climate at the time. The first documented consumer cooperative was founded in 1769, in a barely furnished cottage in Fenwick, East Ayrshire, when local weavers manhandled a sack of oatmeal into John Walker's whitewashed front room and began selling the contents at a discount, forming the Fenwick Weavers' Society. In 1810, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cooperative
A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise".Statement on the Cooperative Identity. '' International Cooperative Alliance.'' Cooperatives are democratically controlled by their members, with each member having one vote in electing the board of directors. Cooperatives may include: * businesses owned and managed by the people who consume their goods and/or services (a [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest
In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit or reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs. For example, a customer would usually pay interest to borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower. Interest ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Savings Bank
A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, owned by its members who subscribe to a common fund. From this fund, claims, loans, etc., are paid. Profits after deductions are shared among the members. The institution is intended to provide a safe place for individual members to save and to invest those savings in mortgages, loans, stocks, bonds and other securities and to share in any profits or losses that result. History The institution most frequently identified as the first modern savings bank was the " Savings and Friendly Society" organized in 1810 by Rev. Henry Duncan of the Ruthwell Presbyterian Church in Dumfriesshire, Scotland. Duncan established a friendly society to create a cooperative depository institution in order to enable his poorest parishioners to hold savings accounts accruing interest for sickness and old-age. Another precursor of modern savings banks were the ideas of Friedrich Wil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Building Society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially savings and mortgage lending. Building societies exist in the United Kingdom, Australia and New Zealand, and used to exist in Ireland and several Commonwealth countries. They are similar to credit unions in organisation, though few enforce a common bond. However, rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Great Britain from cooperative savings groups. In the United Kingdom, building societies actively compete ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Credit Unions
Credit unions are not-for-profit financial cooperatives. In the early stages of development of a nation's financial system, unserved and underserved populations must rely on risky and expensive informal financial services from sources like money lenders, ROSCAs and saving at home. Credit unions proved they could meet demand for financial services that banks could not: from professional, middle class and poorer people. Those that served poorer urban and rural communities became an important source of microfinance. The first working credit union models sprang up in Germany in the 1850s and 1860s, and by the end of the 19th Century had taken root in much of Europe. They drew inspiration from cooperative successes in other sectors, such as retail and agricultural marketing (see history of the cooperative movement). Similar institutions were independently developed somewhat earlier in Japan, in the early 19th century, by agrarian reformer and economist Ninomiya Sontoku. In this vill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Wilhelm Raiffeisen
Friedrich Wilhelm Raiffeisen (30 March 1818 – 11 March 1888) was a German mayor and cooperative pioneer. Several credit union systems and cooperative banks have been named after Raiffeisen, who pioneered rural credit unions. Life Friedrich Wilhelm Raiffeisen was born March 30, 1818 at Hamm/Sieg (Westerwald). He was the seventh of nine children. His father Gottfried Friedrich Raiffeisen was a farmer and also served as the mayor of Hamm. His family’s origins trace back to the 16th century in the Swabian-Franconian region. The family of his mother, Amalie Christiane Susanna Maria, born Lantzendörffer, came from the “Siegerland”."Internationale Raiffeisen-Union" .Accessed: 18-04-2011. Leaving school at the age of 14 he received three years of education from a local |
Franz Hermann Schulze-Delitzsch
Franz Hermann Schulze-Delitzsch, also Hermann Schulze, (29 August 1808 – 29 April 1883) was a German politician and economist. He was responsible for the organizing of the world's first credit unions. He was also co-founder of the German Progress Party. Biography Schulze-Delitzsch was born at Delitzsch, in Saxony. He studied law at Leipzig and Halle universities and, when thirty, he became an assessor in the court of justice at Berlin. Three years later he was appointed ''patrimonial-richter'' at Delitzsch. Entering the parliament of 1848, he joined the Left Centre. At this time, his surname was expanded from Schulze to Schulze-Delitzsch: the name of his birthplace was appended to his surname to distinguish him from other Schulzes in the Prussian National Assembly. Acting as president of the commission of inquiry into the condition of the labourers and artisans, he became impressed with the necessity of co-operation to enable the smaller trades-people to hold their own agains ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services. In several African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Co-Operative Societies). Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 274 million, with nearly 40 million members having been added since 2016. Leading up to the financial crisis of 2007–2008, commercial banks engaged in approximately five times more subprime lending relative to credit unions and were two and a ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Cooperative Grocers Association
National Co+op Grocers (NCG) is a business services cooperative for retail cooperative grocery stores located throughout the United States. NCG offers franchise-like services to food co-ops that help businesses optimize operational and marketing resources, offering coordinated branding; access to loans through a partnership with Capital Impact Partners; and bulk buying rates through the United Natural Foods (UNFI). NCG's headquarters are located in Saint Paul, Minnesota, home to a number of Food Cooperatives, such as Wedge Community Co-op The Wedge Community Co-op or The Wedge is a food cooperative located in Minneapolis, Minnesota. Located at 2105 Lyndale Avenue South, the Wedge derives its name from the popular nickname for the Lowry Hill East neighborhood, called "The Wedge" ..., as well as the historic Minnesota Food Cooperative Wars. , NCG represents 148 independent food cooperatives operating more than 200 stores in 38 states with combined annual sales of over $2.4 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rochdale Principles
The Rochdale Principles are a set of ideals for the operation of cooperatives. They were first set out in 1844 by the Rochdale Society of Equitable Pioneers in Rochdale, England and have formed the basis for the principles on which co-operatives around the world continue to operate. The implications of the Rochdale Principles are a focus of study in co-operative economics. The original Rochdale Principles were officially adopted by the International Co-operative Alliance (ICA) in 1937 as the Rochdale Principles of Co-operation. Updated versions of the principles were adopted by the ICA in 1966 as the Co-operative Principles and in 1995 as part of the Statement on the Co-operative Identity.ICA Co-operative Principles , 1937, 1966, and 1995 revisions. Current ICA version of co-operative principle ...
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Rochdale Pioneers
The Rochdale Society of Equitable Pioneers, founded in 1844, was an early consumers' co-operative, and one of the first to pay a patronage dividend, forming the basis for the modern co-operative movement. Although other co-operatives preceded it, the Rochdale Pioneers co-operative became the prototype for societies in Great Britain. The Rochdale Pioneers are most famous for designing the Rochdale Principles, a set of principles of co-operation, which provide the foundation for the principles on which co-ops around the world operate to this day. The model the Rochdale Pioneers used is a focus of study within co-operative economics. History As the mechanisation of the Industrial Revolution was forcing more and more skilled workers into poverty, a group of tradesmen decided to band together to open their own store selling food items they could not otherwise afford. With lessons from prior failed attempts at co-operation in mind, they designed the now famous Rochdale Principles, an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heart Of England Co-operative Society
The Heart of England Co-operative Society is an independent consumer co-operative in the United Kingdom. Based in Coventry, the Society trades in the English counties of West Midlands, Warwickshire, Leicestershire and Northamptonshire. Registered under the Co-operative and Community Benefit Societies Act 2014, the Society is a member of Co-operatives UK (formerly the Co-operative Union), the Co-operative Group (formerly Co-operative Wholesale Society) and its national buying scheme, the Co-operative Retail Trading Group. For the financial year ending 19 January 2019, turnover (excluding VAT) was £74.2m (£71.7m 2017/18) and operating profit was £2.9m (£5.5m 2017/18). The Society had no external bank borrowings and a £4.3m pension deficit (£8.4m 2017/18). The Society declared a £342k staff dividend (£376k 2017/18) and did not declare a member dividend or dividend bonus during the year. Heart of England Co-op had 137,500 active members in 2018. Each Heart of England Boar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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