THE IMPORTANCE OF STUDYING PRINCIPLES AND ECONOMICS OF CO-OPERATIVE AS A QUALIFYING SUBJECT FOR THE AWARD OF OND IN BUSINESS STUDIES
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THE
IMPORTANCE OF STUDYING PRINCIPLES AND ECONOMICS OF CO-OPERATIVE AS A QUALIFYING
SUBJECT FOR THE AWARD OF OND IN BUSINESS STUDIES
CHAPTER ONE
INTRODUCTION
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.
From the
above definition we can infer that the co-operative society is basically:-
a) An association of persons
b) A union of capital
c) A common need to solve a mutual problem
(self help.)
Co-operative
Value.
Values are
basic conceptions of what is good or bad, a standard for behaviour and quicker
for action when properly inculcated. The
I.C.A in 1995 amended the 1966 principles of co-operatives, the principles were
derived from co-operative values which clearly states the co-operative attitude
to social and economic life which distinguishes them from other forms of
business.
When we
understand the co-operative values, then we can understand the nature of
co-operatives. Co-operative values are
stated by the I.C.A in 1995.
a) Self-help
b) Democracy
c) Equality
d) Equity
e) Solidarity
f) Honesty
g) Openness
h) Social responsibility
i) Caring for others.
These values
can be divided into two parts namely:
A) Organization related values.
B) Moral behaviour related values.
The first
set of values deal with the happenings inside the co-operative complex, which
relates to the effectivity and efficiency in the co-operative society. While the second group of values are
concerned with what is good and what is bad.
Self-Help:- Basically a co-operative is an association of
persons who come together to solve a common problem which they cannot solve on
their own. The idea of self-help springs
to mind immediately, the need for them to assist one another in solving an
immediate problem and not rallying on the government or other external bodies
to come to their aid. These doesn’t take
out the possibility of it getting external assistance. They can of course enjoy that through their
joint effort – a self-help.
Democracy:- In the co-operative society each member has
only one vote irrespective of his contribution to the organization in capital
and effort. This originated from the
Rochdale Pioneers and was an attempt at safeguarding the organization from
their multiple share holders who may tend to dictate the tune for running the
co-operative business enterprise.
Equality:- Without any discrimination of sex, race,
religion, politics, creed, social status and economic class, men are
equal. In the conduct of the affairs of
a society, members are regarded as equals and treated as such. In simple analysis, equality entails same
right to participation, right to be informed, right to be heard, right to be involved
in decision making and executive work.
The value of equality recognizes the importance of all members not
minding their social status or economic contribution to the society.
Equity:- While the society tends to recognize all
their members as being equal, it would also be unfair not to acknowledge the
fact that some members may have played very active role for the success of the
co-operative business through high patronage, higher capital contribution. According to Onuoha, equity means proportional
equality. This is usually represented in
percentages for instance, 10 percent of shareholding of patronage, etc.. what is being emphasized here is that all
will not benefit equally but one should benefit to the extent of his/her
involvement in the society.
Furthermore,
equity also relates to how their parties are treated. By this I mean how employees, suppliers,
creditors and other non-member customers are handled by the society. The rule of equity means that each of these
receives a fair share of their industry.
Co-operative wealth or earnings must be distributed on the basis of
one’s contribution.
Solidarity:- The most important co-operative value is self
help while the second most important is solidarity. Solidarity simply stated means unity, interdependency
and mutual support. They need to stand
together to be able to carry out decisions which have been jointly taken by the
members of co-operative. Alone members
would be unable to stand but united they stand strong.
Honesty:- Honesty has always been applied in the
running of the co-operative enterprise.
The Rochdale Pioneers made it one of the rules when they insisted on
sales of pure and unadulterated goods.
The value states that members of the co-operative and their officers
should be honest in their transactions with the co-operative business
enterprise clearly stating all their transactions for members accordingly.
Openness:- Co-operative society is a social group, not a
secret society or a cult. It is also a
public organization. Therefore openness
states that the members of the co-operative should give clear statement of
their transaction, which should be recorded and made it available to all
members on demand to inspect, commend or criticize.
For many
co-operatives in Nigeria, one major problem has always been mismanagement characterized by abuse of office by officers,
embezzlement of funds, fraudulent conversion of associations property to
personal use, etc. if the co-operative
books are recorded accurately and kept open for inspection, the likelihood of
these sharp practices occurring will not emerge, for fear of being found out
immediately the books are inspected on demand by any member.
Social
Responsibility:- For hundreds of years
age, co-operatives being people oriented have learnt to be socially responsible
and environmentally friendly. Today, in
Nigeria, many multi-national corporations still refuse to comply with corporate
social responsibility stipulations. For
instance, we are all aware of the persistence youth restlessness in the
Niger-Delta area of Nigeria as a result of environmental recklessness on the
part of these multi-nationals. We can
also say social responsibility, the co-operative has over the years been used
by members, government and non-governmental agencies to address the issues of
social development. This is because of
the social nature of the co-operative-society.
They have a social obligation in solving the social problem of their
members and non-members as well.
Caring for
others:- Both within the co-operative
enterprise and outside co-operative provide for the needy.
The value
encourages the co-operative to reach out to people other than the members of
their co-operative according to their financial ability.
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