THE IMPORTANCE OF STUDYING PRINCIPLES AND ECONOMICS OF CO-OPERATIVE AS A QUALIFYING SUBJECT FOR THE AWARD OF OND IN BUSINESS STUDIES (BUS 123). A RESEARCH PROJECT MATERIAL ON CO-OPERATIVE ECONOMICS
The problems faced by co-operatives and students studying co-operative Economics stems from their lack of understanding of the co-operative principles and the uniqueness of the co-operative Business Enterprise.
In this project the principles of co-operative were reviewed to enable readers understand the basic concept underlying the co-operative principles. It analyzed the basic steps to be taken in the organization of a viable co-operative society, since it possess a major problem in the co-operative movement.
I hope that co-operators who read this project will be able to at least be able to organize a successful co-operative society.
MEANING OF CO-OPERATIVE
The co-operative institution will tell us that the co-operative institution is about people. It’s about a business. It is in line with these assertion that various definitions of this subject have been postulated by some school of thoughts. Whereas some scholars see co-operative or define co-operative as an association of person usually of limited means who have voluntarily joined together to achieve a common Economic goals through the formation of a democratically controlled business organization, making equitable contribution to the capital required and accepting a fair share of the risk and benefits of the undertaking in which the members actively participate.
Other International Co-operative Alliance (I.C.A) compliments with the view that co-operative 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.
Furthermore, a co-operative society can be defined as an enterprise formed and directed by association of users applying within itself the rules of democracy and directly intended to save both its own members and the community as a whole.
Finally, according to (Bob-Igwe, 1993:15), he defined Co-operative as a voluntary, evolutionary democratic process resulting from initiative and enterprise at the “grassroots” by individuals motivated by the principle of self -help and mutual aid.