THE IMPORTANCE OF STUDYING ECONOMICS OF CO-OPERATION AS A QUALIFYING SUBJECT

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Department of Economics

The entire development of a business enterprise in a particular country required difference institutional frame work.

One of such institutional frame work is the co-operative business enterprise.  The word co-operative can have different interpretation.   In a lay man’s language, it means working together or working mutually.  Another interpretation which is where our emphasis lies, means a unique type of business organization.  The co-operative has been defined by different school of thought but the variation lies in the degree of emphasis on one aspect or the other.

 One school of thought describes co-operative as business undertaking owned and operated by voluntary associations in order to provide members with work and wages or with goods and services.  But the International co-operative alliance (ICA) defined co-operative as “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.


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