This month we will showcase several of our co-op clients and how they are building an equitable, resilient economy.
What is a co-op? A cooperative is an organization that is owned and run jointly by its members who share the profits or benefits. It can be a business that is owned by its employees, a grocery store owned by members of the community, a housing complex owned by its residents, or any other entity with shared corporate ownership. Each person that is a member of a co-op has equal voting power as everyone else, regardless of role hierarchy or seniority. They also have the opportunity to share their opinions in the decision making process.
Established, 1844 by the Rochdale Society of Equitable Pioneers, the guiding principles of cooperation that we follow are:
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Voluntary and Open Membership
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Democratic Member Control
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Member Economic Participation
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Autonomy and Independence
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Education, Training and Information
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Co-operation among Co-operatives
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Concern for Community
Cooperatives have the power to transform and stabilize entire communities. In the mid- 1950’s Mondragon Corporation, a network of cooperatively owned firms in Mondragon Spain, helped restart the economy after the Spanish civil war and today is one of the country’s largest companies. In Argentina, conversion to the cooperative model has saved many businesses in Buenos Aires after the 2001 financial crisis. These, and other cooperatives that emerged from the era continue to provide decent work and output in the economy.
And in the US? In New York, Cooperative Home Care Associates trains employees over 2,000 low income women to provide quality care to the residents in the NY Metropolitan area as home health aides, being a significant driver of employment in the Bronx. In Fairbanks, Alaska, Fairbanks Community Coop Market provides natural foods and products, promoting local suppliers, and offering consumer education in an open community center environment. In Minneapolis, MN, workers from Columbian Home Products saved their business division from dissolution by becoming Snow River Cooperative, continuing the family’s owned company’s legacy of building made-to-spec wood products for use by customers in the food service, hospitality, household appliance, commercial design/build, and consumer retail sector. We are proud to serve these businesses, and will share more about the work others are doing this coming month.